Suppose you have $10,000 in your chequing account.You write a cheque for $2,000 and deposit $3,000.What is your collection float?
A)-$2,000
B)-$3,000
C)-$7,000
D)-$8,000

Question

Quizplus · Accepted Answer

Collection float refers to the amount of money that is in the process of being collected by the bank but is not yet available in the account. In this case, the $3,000 deposit is the collection float.

Suppose You Have $10,000 in Your Chequing Account