What Amount (In Canadian Dollars) Should ABC Expect to Receive

question 45

Multiple Choice

What amount (in Canadian dollars) should ABC expect to receive from its bank on May 1, 2016?

• A) $70,500.
• B) $70,950.
• C) $71,850.
• D)$72,000.

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Definitions:

Goods

Tangible items that are manufactured or produced for sale.

Voidable Title

A legal status indicating that a title to ownership can be rendered void or cancelled due to certain defects or fraud, but remains valid until annulled.

Bad Check

A check that cannot be processed because the account on which it is drawn does not have sufficient funds.

Seller Transfers

The act of a seller handing over the rights, responsibilities, and ownership of products or property to the buyer.