Someone Who Has an Average Cash Balance of $45 and Spends

question 22

Multiple Choice

Someone who has an average cash balance of $45 and spends $15 per day will visit the ATM once in every days.

• A)4
• B)5
• C)6

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Definitions:

Three-Step Process

A generic term for any methodology or procedure that is broken down into three distinct stages or phases to achieve a particular goal or complete a task.

Subsidiary Ledger

A detailed ledger that contains specific accounts grouped under a primary account, facilitating more personalized and detailed tracking of financial transactions.

Cash Receipts

Money or cash equivalents received during a period of time including revenues from normal business operations and other activities.

Purchases On Account

The acquisition of goods or services with an agreement to pay for them at a later date, typically through the use of credit.