During the Civil War, Congress and the Treasury Department

question 110

Multiple Choice

During the Civil War, Congress and the Treasury Department

• A) outlawed the issuance of bank notes by state banks.
• B) created a national banking system with the authority to issue national bank notes.
• C) established the Independent Treasury System.
• D) reformed the national banking system to insure its responsiveness to local needs, irrespective of region.

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Definitions:

Adjusting Journal Entries

Entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Bank Service Charges

Fees charged by banks for handling transactions, maintaining accounts, and providing other financial services.

NSF Check

A check that cannot be processed because the account on which it is drawn lacks sufficient funds, standing for "non-sufficient funds."

Bank Reconciliation

The process of comparing and matching the balances of an entity's accounting records with corresponding bank statements to ensure accuracy.