____ Serve as Financial Intermediaries in the Foreign Exchange Market

question 26

Multiple Choice

____ serve as financial intermediaries in the foreign exchange market by buying or selling currencies to accommodate customers.

• A)Pension funds
• B)International mutual funds
• C)Insurance companies
• D)Commercial banks
• E)None of these are correct.

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Definitions:

Controls

Procedures or policies implemented by a company to safeguard its assets, enhance the reliability of its accounting records, increase efficiency, and ensure compliance with laws and regulations.

NSF Check

a check that has been returned by a bank because the account it was drawn on does not have sufficient funds.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented in a bank statement to find discrepancies.

Internal Control

A system of policies and procedures implemented by an entity to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.