Which of the Following Holds a Deposit Account at the Fed

question 41

Multiple Choice

Which of the following holds a deposit account at the Fed?

• A)The state of New York
• B)The FDIC
• C)The city of Los Angeles
• D)The city of New York

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Definitions:

Assets

Economic resources controlled by a business from which future economic benefits are expected to flow to the business.

Liabilities

These are obligations a business owes to external parties, including loans, accounts payable, mortgages, and other debts.

Insurance Policy

A contract between an individual or entity and an insurance company, detailing the terms for payment of premiums and the provisions of coverage.

Adjusting Entries

Journal entries made at the end of an accounting period to update certain accounts and ensure they reflect the true financial position of a company.