Examlex
Which of the types of fashion below is in the correct order from shortest to longest with respect to the acceptance cycle?
Permanent/Temporary
Categories of accounts in accounting, where permanent accounts carry their end-of-period balances into the next period, and temporary accounts are closed.
Deposits In Transit
Deposits that were made by customers of a bank but did not reach, or were not processed by, the bank before the preparation of the bank statement.
Bank Collections
The process of banks acting as intermediaries to collect and process payments, such as checks or drafts, on behalf of clients.
Credit Memorandum
A document issued by a seller to acknowledge a reduction in the amount that a buyer owes, often due to a return or refund.
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