Which of the Following Documents Is Used to Permit the Immediate

question 25

Multiple Choice

Which of the following documents is used to permit the immediate deposit of cash and to improve the control over the custody of assets?

• A) cash receipts journal
• B) credit note
• C) remittance advice
• D) sales invoice

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Definitions:

Token Money

Money whose face value exceeds its cost of production, typically involving coins and paper money not backed by a commodity.

Legal Tender

The coins or banknotes that must be accepted if offered in payment of a debt.

Debit Cards

Plastic cards issued by banks that allow cardholders to transfer money electronically from their bank account when making a purchase.

Grace Period

A set period of time after the due date during which payment can be made without penalty.