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  2. Topic
    Business
  3. Study Set
    Auditing and Assurance Services Study Set 2
  4. Exam
    Exam 18: Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable
  5. Question
    After a Check Is Cashed by a Vendor and Clear's
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After a Check Is Cashed by a Vendor and Clear's

Question 36

Question 36

True/False

After a check is cashed by a vendor and clear's the vendors and the client's bank, the check is now a cancelled check and is no longer a liability, but now is a document.

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