The Federal Reserve System Was Established in 1913 in Response

question 224

Multiple Choice

The Federal Reserve System was established in 1913 in response to the

• A) First World War.
• B) bank panic of 1907.
• C) depression of 1883.
• D) prosperity of the 1920s.

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Definitions:

Salaries Expense

The total amount spent by a business on salaries for its employees during a specific period, typically reported on the income statement.

Service Fees Earned

Income recognized by a company for services it has provided to clients.

Account Changes

Adjustments made to accounts to update or correct their balances, which might include error corrections, adjustments, or updates.

Expanded Accounting Equation

Assets = Liabilities + Capital – Withdrawals + Revenue – Expenses.