Uncollected checks also referred as______________?
Correct answer: A. Uncredited checks
- A. Uncredited checks
- B. Unpresented checks
- C. Outstanding checks
- D. Bounced checks
Explanation
Checks deposited but not yet collected or credited by the bank are called uncollected or uncredited checks. Both terms describe the same timing difference in bank reconciliation.
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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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