Final answer:
Collection float is the time gap between depositing a check and the availability of the funds. It is calculated based on the amount of the deposit and the bank's processing time.
Step-by-step explanation:
The collection float refers to the time difference between when a check is deposited into a bank account and when the funds are available for use. To determine the collection float, you would typically need to know the amount of the deposit and the delay imposed by the bank's processing time. For example, if a company deposits checks totaling $5,000 and the bank's processing time is two days, the collection float would be $5,000 that is not available to the company for those two days.