Read the Following Statements and Determine If They Are True

question 63

Multiple Choice

Read the following statements and determine if they are true or false.
I. The Federal Reserveʹs monetary policy must be approved by the President of the United States
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II. The Federal Reserve Board of Governors meets approximately every six months to review the state of the economy and determine monetary policy.

• A) I and II are both false.
• B) I and II are both true.
• C) I is true and II is false.
• D) I is false and II is true.

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Definitions:

Sales Journal

A specialized journal used to record and track all sales of merchandise on credit, detailing each sale's customer name, date, and amount.

Sales Journal

The Sales Journal is a specialized accounting journal used to record all sales of merchandise on credit.

General Journal

The primary journal where all types of transactions are first recorded in chronological order before posting to accounts.

Cash Sales Return

Refunds issued to customers for goods returned that were originally purchased with cash, impacting both the company's inventory and its cash balances.