A Check Written by a Company but Not Yet Presented

question 173

Short Answer

A check written by a company but not yet presented to the bank for payment is called a(n)__________.

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Definitions:

Supplies

Items used in the day-to-day operations of a business, often consumable in nature, such as office supplies, manufacturing materials, or maintenance necessities.

Equipment

Tangible property used in the operations of a business, such as machinery and tools, which are not intended for sale.

Incremental Borrowing Rate

The interest rate a company would have to pay if it borrows funds, used as a benchmark in lease agreements to calculate the present value of minimum lease payments.

Balance Sheet

A financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.