When a Person Deposits a Check into Her Checking Registered

question 18

Multiple Choice

When a person deposits a check into her checking Registered Retirement Savings Plan (RRSP) ,

• A)she owes the bank money.
• B)the bank owes her money.
• C)no one owes anybody anything.The deposit is an asset to both the bank and the person.
• D)no one owes anybody anything.The deposit is an asset to the person,but is neither an asset nor a liability to the bank.

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Definitions:

Delegation of Duty

The act of assigning responsibility or authority from one person to another to perform a specific task or duty.

Assignment

The transfer of rights, property, or obligations from one party to another.

Language

is a system of communication used by a particular community or country, consisting of written, spoken, or signed words and the methods of combining them to create meaning.

Novation

A mutual agreement, between all parties concerned, for the discharge of a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another, or a like agreement for the discharge of a debtor to his creditor by the substitution of a new creditor.