Which Is the Most Important Category of Fed Assets

question 44

Multiple Choice

Which is the most important category of Fed assets?

• A)securities
• B)discount loans
• C)gold and SDR certificates
• D)cash items in the process of collection

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Definitions:

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accumulated Depreciation

The total depreciation of a fixed asset that has been charged to expense since the asset was acquired and put into use.

Office Supplies

Items used in offices for daily operations, including paper, pens, files, and other stationery.

Salaries Payable

A liability account that reflects the amounts owed to employees for services rendered but not yet paid.