Match the Terms with the Definitions

question 79

Multiple Choice

Match the terms with the definitions.
-To a business,this includes currency,coins,checks received from customers,money orders,and bank cashier's checks.

• A)outstanding checks
• B)cash
• C)petty cash voucher
• D)automated teller machines
• E)change fund
• F)internal control
• G)credit memos
• H)debit memos

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Definitions:

Refinancing

The process of replacing an existing loan with a new loan that usually has better terms, such as a lower interest rate.

FASB

Financial Accounting Standards Board, an organization responsible for setting accounting and financial reporting standards in the United States.

IFRS

International Financial Reporting Standards, a set of accounting standards that provide guidelines for financial reporting, aiming to make company accounts understandable and comparable across international boundaries.

GAAP

In any particular legal area, the Generally Accepted Accounting Principles are the recognized standard of guidelines for conducting financial accounting.