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Which one of the following describes bank assets that are cash items in the process of collection? a) payments from the FDIC insurance fund due the bank b) late fees the bank is owed from loan payments that were not made on time c) uncollected funds the bank is due to receive from the clearing of checks d) currency the bank is due from the Treasury
Which one of the following describes bank assets that are cash items in the process of collection?
a) payments from the FDIC insurance fund due the bank
b) late fees the bank is owed from loan payments that were not made on time
c) uncollected funds the bank is due to receive from the clearing of checks
d) currency the bank is due from the Treasury
Expert Solution
Answer: c) uncollected funds the bank is due to receive from the clearing of checks.
These portion of the uncollected funds comes from checks and these have to reported as a cash in bank's balance sheet before they have been paid in cash to the people (having checks).
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