Question: In a check collection process that involves multiple banks, which bank is the first to receive a check? the Federal Reserve Bank the payor bank

In a check collection process that involves multiple banks, which bank is the first to receive a check?
the Federal Reserve Bank
the payor bank
the collecting bank
the depositary bank
In a check collection process that involves multiple banks, which bank

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

In a check collection process that involves multiple banks, which bank is the first to receive a check? the depositary bank the payor bank the Federal Reserve Bank the collecting bank Assessment...

Q:

1. In a check collection process that involves multiple banks, which bank is the first to receive a check? the collecting bank the payor bank the Federal Reserve Bank the depositary bank 2. Which of...

Q:

In a check collection process that involves multiple banks, which bank is the first to receive a check? the collecting bank o the depositary bank the Federal Reserve Bank the payor bank Which of the...

Q:

In a check collection process that involves multiple banks which bank is the first to receive a check? the collecting bank the paryor bank the depositary bank the Federal Reserve Bank Which of the...

Q:

Andre writes a check for $ 2 , 6 0 0 , payable to Anthony, and drawn on First National Bank. Anthony indorses the check on the back and gives the check to Simon to repay a loan. Simon indorses the...

Q:

Under the Uniform Commercial Code (UCC), when must a depositary bank pass a check on to the next bank in the check collection process? in accordance with its agreement with its customer O within 24...

Q:

What is the bank called that receives a check from another bank in the check collection process? Choose 2 answers. drawer bank depositary bank intermediary or collecting bank, if it only passes the...

Q:

What is the bank called that receives a check from another bank in the check collection process? Choose 2 answers. depositary bank intermediary or collecting bank, if it ohly passes the check on...

Q:

Which of the following is a correct statement regarding the check collection process? O A. The depository bank must present a check to the payer bank for collection, OB. A bank cannot have more than...

Q:

Exercise 2: Money Supply Consider a simple model like the one we studied in class, featuring three agents: a central bank, a representative private bank and a representative household. The private...

Q:

Briefly describe how lean production systems differ from traditional production systems along each of the following dimensions: 1. Roles of plant employees 2. Manufacturing cycle times 3. Quality 4....

Q:

Durham Bike Shop Ltd.'s year end is December 31. Some of the company's transactions are as follows: March 1 Paid $190,000 cash to purchase the following assets: Asset Land Building Market Value...

Q:

If the asset is disposed at the end of year 1 1 for $ 0 , which of the following statements is true? Select all that apply. Group of answer choices This is loss This is depreciation recapture This is...

Q:

The DuPont identity can be computed as: Multiple Choice Net profit margin 1 ? Capital intensity ratio Debt - equity ratio