Widespread Use of Deposit Banking and the Use of Cheques

question 23

Multiple Choice

Widespread use of deposit banking and the use of cheques in transactions in Canada

• A)dates back to the 19th century.
• B)has slowly developed, and the volume of transactions by cheques has surpassed the volume of transactions by cash only since the early 1980s.
• C)first occurred shortly after World War II.
• D)first occurred in the early 20th century.
• E)first occurred shortly after World War I.

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of a business, whichever is longer.

Current Liabilities

Financial obligations a company is expected to settle within one year or within its normal operating cycle, whichever is longer.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the business's normal operating cycle if longer.

Accounts Receivable

Money owed to a business by its customers for goods or services that have been delivered or used, but not yet paid for.