Finding Both Parties to a Trade Who Have Something the Other

question 88

Multiple Choice

Finding both parties to a trade who have something the other party wishes to trade for is called a:

• A)unit of account.
• B)store of value.
• C)medium of exchange.
• D)double coincidence of wants.

Differentiate between company book adjustments and bank statement adjustments for specific transactions.

Analyze and construct bank reconciliations using adjustments for outstanding checks, deposits in transit, NSF checks, bank service charges, and other discrepancies.

Understand and apply the concept of interest revenue adjustments in bank reconciliations.

Recognize and define the five elements of internal control.

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Definitions:

Technical Data

Information related to the practical application of scientific and engineering knowledge, especially in relation to design, production, and operation.

FTC Act

Legislation established to prevent unfair or deceptive business practices and promote competition by enforcing the provisions of the Federal Trade Commission.

Respondent

The party that responds to a petition or an appeal in a legal proceeding.

Cease-And-Desist Order

A legal order issued by a government authority or court directing a person or entity to stop an alleged illegal activity.