The Office of Foreign Assets Control (OFAC)is Responsible For

question 1

Multiple Choice

The Office of Foreign Assets Control (OFAC) is responsible for:

• A)enforcing economic sanctions against individuals and entities deemed a threat to national security.
• B)regulating public utility companies.
• C)setting licensing requirements for professionals in the financial sector.
• D)dispensing benefits for social and economic welfare.

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Definitions:

Subsidiary Ledger

A detailed ledger that contains the granular transaction details supporting a summary account in the general ledger.

Sales Journal

A specialized journal used to record all sales of merchandise on credit, organizing transactions systematically for accounting purposes.

Cash Receipts Journal

A financial journal that records all cash inflows to the business, including sales, loan proceeds, and investment income.

General Ledger

A complete record of all financial transactions over the life of a company, serving as the primary data source for the financial statements.