An Outstanding Check Is a Check That

question 163

Multiple Choice

An outstanding check is a check that

• A)has been presented to the bank for payment but has not been reported on the bank statement.
• B)has been written by the account holder but has not been presented to the bank for payment.
• C)is guaranteed for payment by the bank.
• D)has been written for an amount that is greater than the balance in the account holder's bank account.

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Definitions:

Market Values

The current quoted price at which an asset or a company can be bought or sold.

Book Values

The value of an asset as it appears on a company's balance sheet, calculated as the cost of the asset minus accumulated depreciation.

UCC Balance

The outstanding balance on a loan or financing arrangement under the Uniform Commercial Code, often related to personal property loans.

Tax Deductible

Expenses that can be subtracted from gross income to reduce the taxable income, thus lowering the overall tax liability.