On Payday,employers Can Designate Their Banks to Electronically Transfer Funds

question 208

Multiple Choice

On payday,employers can designate their banks to electronically transfer funds from the business' checking account to the employees' checking account.This represents an example of an) :

• A)debit card system.
• B)check kiting system.
• C)electronic check conversion.
• D)direct deposit.

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Definitions:

Standard Cost

A predetermined cost of manufacturing, servicing, or marketing goods, used as a benchmark to measure performance.

External Financial Statement Reporting

The process of preparing and disclosing financial statements to external stakeholders, such as investors, creditors, and regulatory bodies, to provide insight into a company's financial health.

Generally Accepted Accounting Principles

A set of rules and standards for financial reporting that companies in the U.S. must adhere to.

Gross Profit

The financial gain made after deducting the cost of goods sold from total revenue.