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Question
Which of the following is most true regarding checks whose amount has been altered?
A. The bank may not pay such checks as altered in all cases.
B. The bank may pay such checks as altered where the alteration is due to the customer's negligence and the alteration is not obvious.
C. The bank must pay such checks as originally drawn.
D. The bank cannot ever pay such checks.
Answer
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Related questions
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Which of the following was the earliest federal legislation enacted to protect water bodies against pollution?
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C. $20,000 fine and five years' imprisonment.
D. $10,000 fine and one year imprisonment.
Q:
Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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A. An accountant who prepares and audits financial statements of companies.
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C. A securities broker who provides investment advice to retail investors.
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