Float Exists When a Payee Has Received Funds in a Spendable

question 231

True/False

Float exists when a payee has received funds in a spendable form but these funds have not been withdrawn from the account of the payer.

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Definitions:

Probable Loss

A potential financial loss that is likely to occur in the future, often reflected in financial statements as a provision.

Range

The difference between the highest and lowest values in a set.

Gain Contingency

A potential financial gain that may occur in the future, dependent on certain events or conditions being met.