Checks Received Through the Mail Should

question 53

Multiple Choice

Checks received through the mail should

• A)immediately be endorsed "For Deposit Only."
• B)be sent to the accounts receivable subsidiary ledger clerk for immediate posting to the customer's account.
• C)be cashed at the bank as soon as possible.
• D)be "rung up" on a cash register immediately.

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Definitions:

GDP Deflator

An economic metric that converts output measured at current prices into constant-dollar GDP, stripping out the effects of inflation to reflect the real volume of goods and services produced.

National Income

The total amount of money earned within a country from the production of goods and services over a specific period.

Profits

The financial gain that is achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Intermediate Products

Goods that are used as inputs in the production of other goods, including raw materials, unfinished goods, and semi-finished goods.