The Number of Voting Members on the Federal Open Market

question 49

Multiple Choice

The number of voting members on the Federal Open Market Committee is:

• A) 7.
• B) 12.
• C) 19.
• D) 8.

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Definitions:

Adjusting Journal Entry

An accounting entry made in the general ledger at the end of an accounting period to record any unrecognized income or expenses for the period.

Accrual

The recognition of revenue or expenses that have been earned or incurred but not yet recorded or paid, following the accrual basis of accounting.

Adjusting Entries

Toward the end of an accounting period, entries are made to attribute revenues and expenditures to the period in which they essentially occurred.