Check Kiting Is Defined as

question 24

Multiple Choice

Check kiting is defined as

• A)indorsing a check while knowing that the check is a stolen check.
• B)carelessly paying an unauthorized instrument.
• C)a scheme of overdrawing account "A" by depositing a check in account "B," then overdrawing account "B" to cover the insufficient funds in account "A."
• D)issuing an instrument to an impostor who negotiates the instrument to a bank that is unaware of the fraud.

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Definitions:

Sales Tax Rate

The percentage of sales price that businesses must collect from customers and remit to governmental agencies as sales tax.

QuickBooks Lists

Features within QuickBooks software that organize data into manageable categories like vendors, customers, and inventory items for easy access and management.

Opening Balance

The opening balance is the amount of funds in an account at the start of a new accounting period, carried over from the end of the previous period.

New Account

The initial setup or registration of an account in a financial system or online service.