Which One of the Following Would Not Be Considered a Depository

question 106

Multiple Choice

Which one of the following would not be considered a depository institution?

• A)The Bank of Canada.
• B)a credit union
• C)a caisse populaire
• D)a trust and mortgage loan company
• E)The Bank of Montreal

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Definitions:

Perpetual Inventory System

A system for accounting inventory that instantly captures the transactions of buying or selling via computerized point-of-sale systems and software for enterprise asset management.

Gross Method

An accounting practice where purchases are recorded at their full invoice price without deducting discounts that may later be received.

Merchandise

Goods that are bought and sold within a retail or wholesale environment, comprising the primary source of revenue for merchandising companies.

Perpetual Inventory System

An approach to inventory accounting that directly records transactions of inventory sales or purchases through the use of computerized point-of-sale and enterprise asset management software.