The Purpose of the General Agreement on Tariffs and Trade

question 25

Multiple Choice

The purpose of the General Agreement on Tariffs and Trade (GATT) was to ________.

• A) create an international currency
• B) regulate exchange rates
• C) create regional trade organizations
• D) promote free trade

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Definitions:

Outstanding Checks

Checks that have been issued and recorded in a company's financial records but have not yet been cashed or cleared by the bank.

NSF

An acronym for "Non-Sufficient Funds," indicating that a check cannot be processed due to insufficient money in the account.

Bank Reconciliation

The process of comparing and adjusting a company's financial records to match the transactions recorded by the bank, ensuring accuracy in the accounts.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement.