The Federal Reserve System Is Organized into

question 261

Multiple Choice

The Federal Reserve System is organized into

• A)one large district covering the entire United States.
• B)three districts,one for each of the countries in North America.
• C)12 districts,dividing up the United States.
• D)12 districts,dividing up the countries in North America.
• E)50 districts,one per state.

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Definitions:

Adjusting Entries

journal entries made in an accounting system to update accounts for transactions that have not yet been recorded by the end of a period.

Accounting Equation

The fundamental equation of accounting stating that Assets = Liabilities + Shareholder's Equity, underpinning the double-entry bookkeeping system.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent ones, thereby resetting the temporary accounts for the next period.

Permanent Accounts

The balance sheet accounts whose balances are carried over into future accounting periods, not closed at the end of the fiscal year.