A Proper Cut-Off of Payment Transactions at the Year End

question 5

True/False

A proper cut-off of payment transactions at the year end, such as verifying and
examining the date of cheques outstanding as at the end of the reporting period, is essential
to the correct presentation of cash and accounts payable at the end of the reporting period.

---

Definitions:

Stagnation

A period of little or no growth, development, or progress.

Object Permanence

The understanding, which develops throughout the first year, that an object continues to exist even when you cannot see it or touch it.

Sensorimotor Stage

The first stage in Piaget's theory of cognitive development, where infants learn through interacting with their environment using their senses and motor actions.

Jean Piaget

A Swiss psychologist known for his pioneering work in child development and his theory of cognitive development.