Distributed Ledger Technology Has Potential Uses in Payments, Clearing and Settlement

question 33

True/False

Distributed ledger technology has potential uses in payments, clearing and settlement activities due to potential efficiency gains from the technology.

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Definitions:

Accounts Payable

A liability account on a company’s balance sheet representing money owed to creditors for goods and services purchased on credit.

Special Journals

Accounting journals designed for recording specific types of transactions in detail, such as sales, purchases, cash receipts, and disbursements, for efficient processing.

Cash Receipts Journal

A dedicated accounting ledger for documenting all cash inflows.

Purchases Journal

A record that specifically tracks all purchase transactions made by a business, often used in a manual accounting system.