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To ensure that there is no collusion between the manager and sales clerks,the accounting department employees deposit the cash in the bank and use the deposit slip to prepare the journal entry for cash receipts and sales revenue.
Whole-Life Insurance
A type of permanent life insurance policy that offers a death benefit alongside a savings account component, covering the insured for their entire life.
Long-Term Bonds
Debt securities with maturities typically longer than 10 years, offering regular interest payments and repayment of principal at maturity.
Life Insurance Firms
Companies that provide financial compensation to beneficiaries upon the death of the insured person.
Death Benefit
The sum paid to a policyholder's beneficiaries upon their death, typically in life insurance and annuities.
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