Which of the Following Statements Is True Concerning Multiple Forgeries

question 10

Multiple Choice

Which of the following statements is true concerning multiple forgeries and alterations?

• A) A customer cannot hold the bank responsible for paying,in good faith,any altered checks after he/she receives the statement of account.
• B) A bank will be held liable for honoring altered checks which were presented to the bank multiple times.
• C) A customer bears the responsibility for any forgeries and subsequent forgeries that take place,even if he/she has notified the bank.
• D) A bank will be held liable even if it proves that it suffered a loss due to the customer's failure to examine his/her statement and notify the bank.

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Definitions:

First-In

Often used in the context of inventory management, "First-In" refers to goods that were acquired or produced first being sold, used, or disposed of first.

Average Cost

A method of inventory valuation that determines the cost of goods sold and ending inventory based on the average cost of all similar items in inventory.

Ending Inventory

The price of stock available for transaction at the termination of an accounting interval.

FOB Destination

A shipping term indicating that the seller bears the shipping costs and remains responsible for the goods until they are received and signed for by the purchaser.