Which of the Following Accurately Presents a Major Difference Between

question 21

Multiple Choice

Which of the following accurately presents a major difference between Internet banks and traditional banks?

• A)The government does not regulate Internet banks.
• B)Traditional banks are prohibited from having ATMs.
• C)Internet banks have lower overhead costs.
• D)Traditional banks offer less personal care and attention to customers.

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Definitions:

Gross Method

An accounting approach for recording purchases at the gross invoice amount before any trade discounts are taken.

Merchandising Transactions

Business activities related to the buying and selling of merchandise, which may involve inventory purchases, sales transactions, and the return of goods.

Journal Entries

Journal entries are the records of financial transactions in the accounting books, marking the initial step in the accounting cycle, detailing debits and credits.

Adjusted Trial Balance

An adjusted trial balance is a listing of all company accounts that will appear on the financial statements after year-end adjusting journal entries have been made.