A Remittance Advice Is

question 147

Multiple Choice

A remittance advice is:

• A) An explanation for a payment by check.
• B) A bank statement.
• C) A voucher.
• D) An EFT.
• E) A cancelled check.

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Definitions:

Net Income

A business's remaining profit after taking away all costs and taxes from its generated revenue.

Overstates

The act of presenting values or figures in financial statements higher than they actually are, leading to a distorted view of a company's financial health.

Balance Sheet

A financial statement that displays a company's assets, liabilities, and equity at a specific point in time, providing a snapshot of its financial position.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, resulting in net profit or loss.