A __________ Is a Certified Check Issued in a Denomination

question 5

Multiple Choice

A __________ is a certified check issued in a denomination of $20 or more by certain banks, travel agencies, and financial services companies.

• A) traveler's check
• B) promissory check
• C) cashier's check
• D) stale check

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Definitions:

Inventory Flow

The process by which inventory moves through a business, from purchase and storage to sale.

Periodic Inventory System

An inventory accounting system where updates to inventory accounts occur at specific intervals, typically at the end of an accounting period.

LIFO

An inventory valuation method where the last items added to inventory are considered the first ones sold during a period of time; stands for Last-In, First-Out.

FIFO

An accounting method for inventory valuation where the first items acquired are the first ones sold, standing for First In, First Out.