Which financial instrument provides a buyer the right to purchase or sell a fixed amount of currency at a prearranged price within a few days to a couple of years?
a. letter of credit
b. foreign currency option
c. cable transfer
d. bill of exchange
b. foreign currency option
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Auditors will examine significant sales returns immediately subsequent to the period under audit in order to do which of the following?
a. Substantiate cutoff and the occurrence of net sales transactions. b. Test the sufficiency of cash balances to cover refunds. c. Monitor customer satisfaction for disclosure. d. Assess the nature of procedures that will be performed for the next period's audit.
Missing value codes should be distinct from the codes assigned to the legitimate responses
Indicate whether the statement is true or false
In the stimulus-response model of consumer behavior, information about why consumers do or do not buy is hidden in the black box.
Answer the following statement true (T) or false (F)
What does a petty cash fund represent?
a. It represents the amount of cash a company has restricted for a specific purpose. b. It represents the investment that is readily convertible into cash and has an original maturity of three months or less. c. It represents the excess cash a company generates beyond what it needs to invest in productive capacity and pay dividends to stockholders. d. It represents the amount of cash kept on hand to pay for minor expenditures.