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Legal Environment 4th Edition by Jeffrey Beatty, Susan Samuelson
Edition 4ISBN: 9780324786545Legal Environment 4th Edition by Jeffrey Beatty, Susan Samuelson
Edition 4ISBN: 9780324786545 Exercise 6
CPA QUESTION In general, which of the following statements is correct concerning the priority among checks drawn on a particular account and presented to the drawee bank on a particular day? a. The checks may be charged to the account in any order convenient to the bank.
B) The checks may be charged to the account in any order, provided no charge creates an overdraft.
C) The checks must be charged to the account in the order in which the checks were dated.
D) The checks must be charged to the account in the order of lowest amount to highest amount to minimize the number of dishonored checks.
B) The checks may be charged to the account in any order, provided no charge creates an overdraft.
C) The checks must be charged to the account in the order in which the checks were dated.
D) The checks must be charged to the account in the order of lowest amount to highest amount to minimize the number of dishonored checks.
Explanation
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As long as the checks are auth...
Legal Environment 4th Edition by Jeffrey Beatty, Susan Samuelson
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