An Account into Which a Firm Transfers Funds,usually from a Master

question 53

Multiple Choice

An account into which a firm transfers funds,usually from a master account,in an amount sufficient to cover the checks presented for payment that day is called a _____ account.

• A)lockbox
• B)cleanup
• C)compensating balance
• D)revolving
• E)controlled disbursement

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Definitions:

Psychologists

Professionals specialized in the study of the mind and behavior.

Accommodation

A cognitive process identified by Piaget, involving altering one's existing schemas or ideas as a result of new information or experiences.

Existing Schema

Describes the pre-existing cognitive framework or set of ideas that individuals use to organize and interpret information.

New Experiences

Encounters or situations that are novel or different from one's previous life events, contributing to personal growth.