Which of the following describes a feature of a 'Cancelled' check?

A 'Cancelled' check is one that has been processed by the bank and marked as void, indicating that it can no longer be cashed or deposited. Once a check is cancelled, it has completed its transaction, and no further action can be taken regarding that particular check, ensuring that funds are not mistakenly withdrawn again. The cancellation serves as a definitive record that the check is no longer valid for any financial activity.

This understanding clarifies the implications of a cancelled check, which is important for managing financial records and ensuring transactions are accurately tracked. The other options do not capture the essence of what a cancelled check signifies in the context of banking and accounting practices.