One Reason It Took So Long to Have a Central

question 24

Multiple Choice

One reason it took so long to have a central bank in the United States is that:

• A)It wasn't needed
• B)States feared centralization of power
• C)State currencies worked fine
• D)All of the above

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Definitions:

Consolidation Entry

A journal entry used in the preparation of consolidated financial statements to eliminate intercompany transactions and balances.

Retained Earnings

The portion of net income that is retained by the company rather than distributed to its shareholders as dividends.

Equity Method

An accounting technique used to record investments in other companies, recognizing income based on the investee's profit or loss.

Depreciation Purposes

The allocation of the cost of a tangible asset over its useful life for accounting and tax purposes, reflecting its consumption, wear and tear, or obsolescence.