Which of the Following Is Described as a System Where

question 157

Multiple Choice

Which of the following is described as a system where customers send their checks directly to a post office box that belongs to a bank?

• A) an encryption system
• B) an imprest system
• C) a lock-box system
• D) a firewall system

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Definitions:

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.

FVTOCI

Fair Value Through Other Comprehensive Income, a classification under IFRS for financial assets that are valued at fair value with changes recognized in other comprehensive income rather than profit or loss.

IFRS 9

An International Financial Reporting Standard that addresses the accounting for financial instruments, specifying how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items.

Other Comprehensive Income

Income that is not part of net income, including unrealized gains and losses on certain types of investments, which is recorded directly in equity.