Which of the Following Identifies the Primary Function of OSFI

question 4

Multiple Choice

Which of the following identifies the primary function of OSFI?

• A)Manage the deposit insurance fund and carry out bank examinations.
• B)Regulate and examine banks.
• C)Charter national banks and approve their merger activity.
• D)Determine permissible activities for chartered banks.
• E)Stand as the "lender of last resort" for troubled banks.

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Definitions:

Withdrawals

A subdivision of owner’s equity that records money or other assets an owner withdraws from a business for personal use.

Vouchers Payable

Short-term obligations or liabilities that represent amounts owed to suppliers or creditors, which are supported by documentary evidence of the transaction.

Accounts Payable

Liabilities or amounts owed to creditors for goods and services that have been received but not yet paid for by the business.

Gross Method

An accounting method for recording purchases at the full invoice price without deducting any cash discounts at the time of purchase.