Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 47 - No. 25)
In a bank reconciliation statement, what are outstanding checks?
Checks that have been cleared by the bank
Checks that have been recorded by the business but not yet cashed by the payee
Checks that have bounced
Checks that the bank has issued
Explanation
Outstanding checks are checks that have been written and recorded by the business but have not yet been presented to the bank for payment.
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