A Customer Who Fails to Report a Forged Signature Within

question 36

True/False

A customer who fails to report a forged signature within thirty days from the date that the bank statement showing the item was made available for inspection loses the legal right to have the bank recredit his or her account.

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Definitions:

Account

A record in bookkeeping that tracks financial transactions of a specific type, such as assets, liabilities, expenses, or revenue.

FUTA

The Federal Unemployment Tax Act, a United States federal law that imposes a payroll tax on businesses to fund state workforce agencies.

SUTA

SUTA, or State Unemployment Tax Act, is a taxation mechanism in the United States that mandates employers to pay a tax to fund unemployment benefits for workers who lose their jobs.

FICA-Social Security

The portion of the Federal Insurance Contributions Act tax that funds the Social Security program, providing benefits for retirees and disabled individuals.