A system of shortening the trip a bill of exchange makes from the payee to the drawee bank and then to the drawer is called _____
A) automated truncation
B) credit truncation
C) payment truncation
D)check truncation
D
You might also like to view...
All of the following are common industry risks faced by companies except:
a. litigation b. technology c. regulation d. competition
On January 1, Alistair Manufacturing had a beginning balance in Work-in-Process Inventory of $164,000 and a beginning balance in Finished Goods Inventory of $25,000. During the year, Alistair incurred manufacturing costs of $202,000.
During the year, the following transactions occurred: Job C-62 was completed for a total cost of $140,000 and was sold for $157,000. Job C-63 was completed for a total cost of $181,000 and was sold for $212,000. Job C-64 was completed for a total cost $82,000 but was not sold as of year-end. The Manufacturing Overhead account had an unadjusted credit balance of $24,000 and was adjusted to zero at year-end. What was the amount of gross profit reported by Alistair at the end of the year? A) $48,000 B) $72,000 C) $17,000 D) $31,000
Accounting for a partnership comes closer to accounting for a corporation than to accounting for a sole proprietorship
Indicate whether the statement is true or false
The balances of select accounts of Sandra, Inc
as of December 31, 2016 are given below: Debit Credit Building $140,000 Cash 8,000 Office Supplies 1,100 Furniture 5,000 Prepaid Insurance 450 Accumulated Depreciation-Furniture $3,000 Land 32,000 Accumulated Depreciation-Building 4,700 Accounts Receivable 2,300 The insurance has been prepaid until June 30, 2017. Determine the amount of total current assets reported on the balance sheet. A) $15,300 B) $9,100 C) $11,850 D) $9,550