The Main Difference Between a Certified Check and a Cashier's

question 73

True/False

The main difference between a certified check and a cashier's check is that the bank is primarily liable on a certified check,but only secondarily liable on a cashier's check.

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Definitions:

Capital Balances

The amount of money that owners have invested in a company plus retained earnings or minus any losses.

Admission

The process or fee associated with being allowed entry into a place, organization, or institution.

Interest Allowance

An amount that reduces the gross interest income earned, related to the cost of borrowing or credit facilities.

Income Summary

An account used in the closing process during accounting that accumulates revenues and expenses to determine net income or loss.