________ Are Subsidiaries of Equipment Manufacturing Companies

question 19

Multiple Choice

________ are subsidiaries of equipment manufacturing companies. Their primary purpose is to secure financing for the customers of the parent company.

• A) Bank-related finance companies
• B) Captive finance companies
• C) Independent finance companies
• D) Confined finance companies

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Definitions:

Bank Statements

Financial statements issued by a bank detailing the transactions in a depositor's account over a certain period.

Chart of Accounts

A listing of all the accounts in a business's general ledger, which includes assets, liabilities, revenue, expenses, and equity.

Identification Numbers

Unique numerical codes assigned to entities for identification purposes, such as Social Security numbers for individuals or EINs for businesses in the U.S.

General Journal

A general journal is a basic accounting record used to document all financial transactions of a business in chronological order, prior to their transfer to specific accounts in the general ledger.