At the End of 2015, U

question 147

Multiple Choice

At the end of 2015, U.S.households and nonprofit organizations held approximately in mutual funds.

• A)$5.3 billion
• B)$6 trillion
• C)$8.1 trillion
• D)$70 trillion

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Definitions:

Journal Entries

The method of recording financial transactions where each transaction is noted in two accounts in the ledger to maintain the accounting equation's balance.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement, to ensure accuracy and completeness of the records.

Erroneously Charged

Incorrectly or mistakenly billed for goods or services, leading to inaccurate financial transactions.

Bank Statement Balance

The ending cash balance as recorded in the bank's records at the end of a reporting period.