A bank overdraft…?
Select ONE answer:
- is an asset.
- can exist on either a deposit account or a current account.
- means that more money has been paid out of a bank current account than has been lodged into it.
- None of the above.
Show your workings to arrive at your answer, and explain and justify your reasons:
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This multiple choice question is suitable for Accounting KS5 classes.
The answer is 3
- A bank overdraft is a liability.
- A bank overdraft cannot exist on a deposit account.
- Correct
- Not correct
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