The Subcategory That Typically Dominates the Current Account Is

question 77

Multiple Choice

The subcategory that typically dominates the current account is:

• A) goods (merchandise) trade.
• B) services trade.
• C) income trade.
• D) transfer accounts.

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Definitions:

Checks Written

Financial documents that instruct a bank to pay the specified amount from the drawer's account to the person or entity named on the check.

Deposits In Transit

Funds that have been sent to a bank but not yet recorded by the bank in the company’s account balance.

Outstanding Checks

Checks that have been written and recorded in a company's accounting system but have not yet been cashed or cleared by the bank.

Credit Memo

A document issued by a seller to a buyer, reducing the amount that the buyer owes to the seller under previous invoices.