Which of the following is generally not the party to a check?
Correct answer: D. Seller
- A. Payee
- B. Payer
- C. Bank
- D. Seller
Explanation
The usual parties to a cheque are the drawer or payer, the drawee bank, and the payee. A seller may be a payee in some transactions, but is not a necessary party to every cheque.
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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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