Asked by Ashley Saylors on May 12, 2024
Verified
Accept a check that has seven components that make it valid
A) best practice (good policy)
B) not a best practice (not a good policy)
Seven Components
Typically refers to the essential elements or parts that make up a whole; context needed for a specific definition.
- Recognize essential procedures for check acceptance that mitigate fraud risk.
- Understand the components that make a check valid and the legal implications of accepting checks marked "paid in full".
Verified Answer
JM
Jenna MorrisMay 19, 2024
Final Answer :
A
Explanation :
Accepting a check that has all seven components that make it valid is a best practice because it ensures the check is legally binding and reduces the risk of fraud or rejection by the bank.
Learning Objectives
- Recognize essential procedures for check acceptance that mitigate fraud risk.
- Understand the components that make a check valid and the legal implications of accepting checks marked "paid in full".