Stopping Payment on a Cheque

question 54

Multiple Choice

Stopping payment on a cheque

• A)is possible after the cheque clears in cases of disputes.
• B)can only be accomplished if the cheque has not cleared.
• C)is free if your cheque book is lost or stolen.
• D)is a service frequently provided to most customers.

---

Definitions:

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the owner's claim on the business assets.

Falling Prices

A situation where the general level of prices of goods and services in an economy is decreasing over time.

Balance Sheet

A financial statement that lists assets, liabilities, and equity of a company at a specific point in time, showing its financial position.

Inventory Methods

Techniques used to determine the cost of goods sold and ending inventory value, such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average cost.