SWIFT Has Combated the Growing Issue of Electronic Fraud with Smart

question 40

True/False

SWIFT has combated the growing issue of electronic fraud with smart card technology that no longer requires users to manually log in to the network, and thus eliminates any paper trail.

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Definitions:

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made in the previous period.

Journal Entries

The record of financial transactions in the accounting books, capturing debits and credits for each transaction to maintain accurate financial statements.

Salaries Earned

Compensation that employees have earned during a specific period but have not yet been paid.

Workweek

A fixed, recurring period used to measure a worker's or business's hours worked, often consisting of five to seven consecutive days.