When a Check Is Issued,the Party Being Paid the Cash

question 97

Multiple Choice

When a check is issued,the party being paid the cash is referred to as the ________.

• A) payee
• B) maker
• C) bank signatory
• D) depositor

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Definitions:

Budget Lapsing

A type of budgeting that does not allow managers to carry over budget surpluses from one year into the next year. Under a budget lapsing system, funds not spent are lost at the end of the budget period.

Master Budgets

Comprehensive financial planning documents that include both operational and financial budgets, providing a complete picture of organizational financial activities.

Quantities Purchased

The total number of units bought during a given period, often tracked for inventory or supply chain management.

Raw Materials

Basic materials that are used in the production process of goods, often transformed into finished products.