Outstanding cheques are cheques that:
A)Have been written, recorded on the company books, and sent to the payees, but have not yet been paid by the bank.
B)Have been written, recorded, sent to the payees, received, and paid by the bank.
C)Have been issued by the bank.
D)Are blank cheques.
E)Have been written and not yet recorded in the company books.

Question

Quizplus · Accepted Answer

Outstanding cheques are cheques that have been written, recorded on the company books, and sent to the payees, but have not yet been paid by the bank. This means that the company has already recorded the transaction as an expense or a payable, but the bank has not yet deducted the funds from the company's account to pay for the cheque.

Outstanding Cheques Are Cheques That