Your Firm Generally Receives 4 Cheques a Month

question 278

Multiple Choice

Your firm generally receives 4 cheques a month. The cheque amounts and the collection delay for each cheque are shown below. Given this information, what is the amount of the average daily float? Assume that a month has 30 days.

• A) $466.67
• B) $1,000.00
• C) $1,025.00
• D) $2,666.67
• E) $4,666.67

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Definitions:

Developmental Stage

A period in a person's life characterized by specific developmental tasks, milestones, or achievements.

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Traditional practices and ceremonial acts followed by a community or group, often rooted in cultural or religious heritage, that symbolize important values or milestones.

Cremation

The process of reducing a body to ashes by exposing it to high heat, often followed by the storage or scattering of the ashes.

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A child who attends an educational institution or program designed for children before they enter compulsory education.