The First ________ of Any Amount Deposited in a Bank

question 31

Multiple Choice

The first ________ of any amount deposited in a bank must be available to the depositor on the business day following the day of deposit.

• A)$100
• B)$200
• C)$300
• D)$500
• E)$1,000

---

Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company’s books for the next period.

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period of time, including the balance sheet, income statement, and statement of cash flows.

Ledger

A book or collection of financial accounts in which transactions are recorded and summarized.

Net Loss

Occurs when a company's total expenses exceed its total revenues, indicating a negative profit for a specific time period.