A Check Written by a Company but Not Yet Presented

question 172

True/False

A check written by a company but not yet presented to the bank for payment is called a check in transit.

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Definitions:

Statement of Financial Position

The Statement of Financial Position, also known as a balance sheet, is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Net Acquisitions

Total installed cost of capital acquisitions minus adjusted cost of any disposals within an asset pool.

Taxable Difference

The difference between the book value and the tax value of an asset, which results in taxable income or deductions.

Capital Acquisitions

The act of obtaining capital assets through purchase, lease, or other means, aimed at increasing the overall value of a business.