Match the Term to the Appropriate Definition

question 17

Multiple Choice

Match the term to the appropriate definition.There are more definitions than terms.
-Bank Reconciliation

• A)Money or any instrument that banks will accept for deposit and immediately credit to a company's account.
• B)A process for approving and documenting all purchases and payments on account.
• C)Short-term,highly liquid investments purchased within three months of maturity.
• D)Actions taken to promote efficient and effective operations,protect assets,enhance accounting information,and adhere to laws and regulations.
• E)Not available for general use but rather restricted for a specific purpose.
• 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)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.
• H)An attempt to deceive others for personal gain.
• I)A set of regulations passed by Congress in 2002 in an attempt to improve financial reporting and restore investor confidence.
• J)An internal report prepared to verify the accuracy of both the bank statement and the cash accounts of a business or individual.
• K)A process that controls the amount paid to others by limiting the total amount of money available for making payments to others.
• L)Terms of a loan agreement that if broken,entitle the lender to renegotiate loan terms or force repayment.

---

Definitions:

Quality Management

The practice of overseeing all activities and tasks needed to maintain a desired level of excellence, ensuring that operations meet established standards and improvements are continuously made.

Global Cooperation

Collaborative efforts and partnerships among countries, organizations, or individuals across the globe aimed at achieving mutual goals or addressing global challenges.

Global Competition

The dynamic competitive environment in which companies compete against each other internationally to offer products and services.

Kaizen

A Japanese business philosophy of continuous improvement of working practices, personal efficiency, etc.