_________ Float Refers to the Delay from the Time a Check

question 9

Multiple Choice

_________ float refers to the delay from the time a check is mailed to the time at which it is received by the payee.

• A)Mail
• B)Processing
• C)Availability
• D)Clearance

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Definitions:

Merchandise on Account

Items purchased on credit, where payment is made at a later date, often recorded as accounts payable.

Collection on Account

This term refers to the payment received by a business from its customers against the outstanding invoices or credits.

Journal Entry

A record in the accounting ledger that represents a single transaction and its effects on various accounts, detailing debits and credits.

Subsidiary Ledger

A subsidiary ledger is a detailed ledger that contains account information related to a specific master ledger account.