The Main Difference Between a Certified Check and a Cashier's

question 73

True/False

The main difference between a certified check and a cashier's check is that the bank is primarily liable on a certified check,but only secondarily liable on a cashier's check.

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Definitions:

Income Tax Expense

The amount of money a company owes in taxes based on its taxable income for a given fiscal period.

Cost Method

An accounting method used for investments, where the investment is recorded at cost and earnings from the investment are recognized only when dividends are received.

Retained Earnings

The portion of a company's profit that is held or retained and not paid out as dividends to shareholders.

Common Shares

A type of equity investment representing ownership in a corporation, with rights to dividends and voting at shareholder meetings.