Daily Foreign Exchange Transactions Have Grow from About $15 Billion

question 30

True/False

Daily foreign exchange transactions have grow from about $15 billion in 1973 to about $4 trillion today.

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Definitions:

Purchases Journal

A specialized accounting journal used to record all purchases of goods and services on credit.

Cash Receipts Journal

A specialized accounting journal used to record all receipts of cash.

General Journal

A primary accounting record used to record all business transactions not specifically assigned to a special journal.

Subsidiary Ledgers

Detailed ledgers that contain information about specific accounts, which then summarize into a control account in the general ledger.