Which of the Following Are Reported as Liabilities on a Bank's

question 69

Multiple Choice

Which of the following are reported as liabilities on a bank's balance sheet?

• A) Reserves
• B) Checkable deposits
• C) Loans
• D) Deposits with other banks

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Definitions:

Perpetual inventory system

An inventory system that keeps continuous, real-time records of goods bought and sold, updating inventory accounts without physical counts.

Journal entry

A record in accounting that documents a business transaction and its impact on the company's accounts, using debits and credits.

Cost of merchandise sold

The total expense incurred by a company to buy or manufacture the goods sold during a given period.

Specific identification inventory costing method

An inventory valuation method where costs are attributed to individual items of inventory, enabling precise matching of costs with revenues when the specific items are sold.