A(n) __________ Allows Money to Be Exchanged Electronically More Quickly

question 285

Multiple Choice

A(n) __________ allows money to be exchanged electronically more quickly and more economically than with paper checks

• A) electronic check conversion (ECC)
• B) electronic funds transfer system
• C) virtual banking operation
• D) telechecking system

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Definitions:

Loss Contingencies

Possible financial losses that companies may face as a result of future events that have uncertain outcomes, necessitating disclosure in financial statements if they are both probable and estimable.

Gain Contingencies

Gain contingencies are potential increases in economic benefits to an organization that arise from events whose outcomes or realizations are uncertain until they occur.

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting, which does not necessarily align with the calendar year.

Coupons

Debt instruments offering interests or discounts issued by companies to raise capital, or vouchers offering discounts on goods and services.