Choose the Appropriate Letter to Match the Term and the Definition.There

question 3

Essay

Choose the appropriate letter to match the term and the definition.There are more definitions than terms.
1.____ Bank Reconciliation
2.____ Cash
3.____ Cash Equivalents
4.____ NSF (Not Sufficient Funds)Check
5.____ Restricted Cash
Definition
A.A process for approving and documenting all purchases and payments on account.
B.A process that controls the amount paid to others by limiting the total amount of money available for making payments to others.
C.A set of regulations passed by Congress in 2002 in an attempt to improve financial reporting and restore investor confidence.
D.Actions taken to promote efficient and effective operations,protect assets,enhance accounting information,and adhere to laws and regulations.
E.An attempt to deceive others for personal gain.
F.An internal control designed into the accounting system to prevent an employee from making a mistake or committing a dishonest act as part of one assigned duty and then also covering it up through another assigned duty.
G.An internal report prepared to verify the accuracy of both the bank statement and the cash accounts of a business or individual.
H.Another name for bounced checks.They arise when the check writer (your customer)does not have sufficient funds to cover the amount of the check.
I.Money or any instrument that banks will accept for deposit and immediately credit to a company's account.
J.Not available for general use but rather restricted for a specific purpose.
K.Short-term,highly liquid investments purchased within three months of maturity.
L.Terms of a loan agreement that if broken,entitle the lender to renegotiate loan terms or force repayment.

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Definitions:

Obligation

A duty or commitment to pay money or perform some action.

Equivalent

Equal in value, amount, function, meaning, or status; often used in mathematics to describe expressions or amounts that are the same when compared or evaluated.

Compounded Quarterly

Refers specifically to the computation of interest at four intervals in a year, on the initial investment alongside the interest from preceding periods.

Repaid

The act of paying back money previously borrowed from a lender.