Western Union Is in the Business of Providing a Medium

question 26

Multiple Choice

Western Union is in the business of providing a medium for international money transfers.Through the services of Western Union,a Mexican working in the United States can transfer a portion of his or her earnings to family members still living in Mexico.The company is now planning to move into areas traditionally handled by banks,such as offering its customers checking accounts and loans.If it does follow through and provide these additional services,Western Union will exemplify _____ services.

• A) complementary
• B) secondary
• C) peripheral
• D) supplementary
• E) additional

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Definitions:

Bank Reconciliation

is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement, to ensure records are consistent.

Notes Receivable

A written promise that obligates a borrower to repay a specific amount of money, with or without interest, to a lender at a future date or on demand.

Interest Revenue

Income a company earns from its cash deposits, investments, or other interest-bearing accounts.

Miscellaneous Income

Income from non-core business activities that do not fit into other income categories, often irregular or infrequent.