Outstanding Checks Are Checks That Have Been Paid by the Bank,but

question 105

True/False

Outstanding checks are checks that have been paid by the bank,but are not yet recorded on the company's books.

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Definitions:

Accounts Payable

Liabilities to creditors that are to be paid within a short period of time, typically within one year.

Revenue

The whole sum of profit generated by a company through the selling of services or goods pertinent to its primary business functions.

Telephone Bill

A statement of charges for voice or data services provided by a telecommunications company.

Accounts Payable

Liabilities or money owed by a business to its suppliers or creditors for goods and services received but not yet paid for.