Most Power in the Federal Reserve System Is Held by the

question 164

Multiple Choice

Most power in the Federal Reserve System is held by the

• A)president and Congress.
• B)Secretary of the Treasury, who appoints the members of the Board of Governors.
• C)Board of Governors of the system.
• D)member banks of the system.

Recognize the components that affect the net profit margin ratio and its calculation.

Identify the sequence of preparing financial statements and understand the role of a trial balance.

Understand the classification of cash flows in financial reporting.

Comprehend the reporting requirements for different types of expenses on the income statement.

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Definitions:

Dividends

Profits paid out by a company to its stockholders, frequently as a distribution of earnings.

Asset Account

An account on a company's balance sheet that represents the resources owned by the company that have economic value.

Liability Account

An account on the balance sheet indicating obligations or amounts owed to others that will require a future outlay of resources.

Recording

The process of documenting financial transactions in the accounting records.