Checks That Have Been Processed by the Bank and Are

question 82

Multiple Choice

Checks that have been processed by the bank and are no longer negotiable are:

• A)outstanding checks.
• B)canceled checks.
• C)checks in process.
• D)blank checks.

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Definitions:

Prepared

The state of being ready for a specific event, action, or process, often involving prior planning or setup.

Unearned Fees

Income received by a company for services yet to be performed or goods to be delivered, recognized as a liability on the balance sheet until earned.

Current Liability

Obligations or debts that a company expects to settle within one fiscal year or the operating cycle, whichever is longer.

Balance Sheet

A report detailing a business's assets, liabilities, and owners' equity at a particular moment.