BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cancelled check
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demand deposits
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outstanding checks
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bank statements
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Detailed explanation-1: -The definition of an outstanding check is a check that has been written, but it hasn’t been cashed-deposited by the bank, or otherwise cleared the bank. An outstanding check can be a personal or a business check.
Detailed explanation-2: -An outstanding check is a check payment that is written by someone but has not been cashed or deposited by the payee. The payor is the entity who writes the check, while the payee is the person or institution to whom it is written.
Detailed explanation-3: -Cheques that are presented but not credited are called unpresented cheques or uncollected cheques as they have still not been collected from third party.
Detailed explanation-4: -Uncleared cheques are ones which were recorded in your accounts, but haven’t yet shown on the bank statement.
Detailed explanation-5: -Deposits in transit are deposits that were made after the bank statement was issued, but have been recorded on the books. Outstanding checks are checks that have been written and recorded on the books, but have not yet been cashed or have not cleared the bank.