_________ Checks that are presented to bank but not yet credited by the bank.
Correct answer: D. Uncredited checks
- A. Unpresented checks
- B. Bounced checks
- C. Outstanding checks
- D. Uncredited checks
Explanation
A check that has reached the bank but has not yet been credited is an uncredited check. It is also commonly described as a deposit or collection in transit.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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Accounting is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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___________ are checks that are issued by the business but not yet presented to bank
Uncollected checks also referred as______________?