A Turnaround Document That Is Used to Enhance Internal Control

question 26

Multiple Choice

A turnaround document that is used to enhance internal control and promote the accuracy of incoming cash receipts is the

• A) journal voucher.
• B) remittance advice.
• C) bank deposit slip.
• D) remittance list.

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Definitions:

Organized Exchange

A regulated market where securities, commodities, derivatives, and other financial instruments are traded.

Forward Contracts

A financial contract between two parties to buy or sell an asset at a predetermined future date for a price agreed upon today.

Gold Futures

Standardized contracts to buy or sell gold at a specified future date and price, used by investors for hedging and speculative purposes.