When Payment Is Received by Mail,a Detailed List of Such

question 176

Multiple Choice

When payment is received by mail,a detailed list of such receipts would not be retained by the

• A) person who opens the mail.
• B) accounting department.
• C) receiving department.
• D) cashier.

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Definitions:

Cashier's Check

A check issued by a bank, drawn on its own funds rather than the account of a private individual, offering a high level of guarantee of payment.

Bank

A banking entity authorized to accept deposits, extend credit, and offer diverse financial services to both private individuals and commercial entities.

Authorization to Confess Judgment

A legal provision where a debtor gives a creditor the right to enter a judgment against them without trial if they fail to meet the terms of an agreement.

Negotiability

This term refers to the characteristic of a financial instrument that enables it to be transferred or assigned from one party to another with ease and legal effect.