Most Checkable Deposits Are Insured Up to $250,000 by

question 169

Multiple Choice

Most checkable deposits are insured up to $250,000 by

• A)state banking commissions.
• B)the Federal Reserve Board.
• C)U.S.Department of the Treasury.
• D)the Federal Deposit Insurance Corporation.

---

Definitions:

Conservatism Constraint

An accounting principle that provides guidance for uncertain conditions, advising to recognize expenses and liabilities sooner rather than later.

Historical Cost Principle

An accounting principle that states that assets should be recorded and reported at their original purchase cost.

Work in Process

Inventory that includes goods that are in the process of being manufactured but are not yet complete.

Finished Goods Inventory

Manufactured goods that are complete and ready for sale.