A Checking Account Customer Owes a Duty to Examine the Monthly

question 62

True/False

A checking account customer owes a duty to examine the monthly statements of account promptly and with reasonable care to determine whether any payment was not authorized because of alteration of a check or a forged signature.

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Definitions:

Intangible Benefits

Advantages or positive outcomes of an action that are not quantifiable in monetary terms, such as customer satisfaction or employee morale.

Required Rate

Often refers to the minimum return an investor expects to achieve from an investment.

Salvage Value

The expected selling price for an asset after its serviceable life has concluded.

Cost Savings

Reductions in expenses, enhancing a company's efficiency and profitability.