All of the Following Are Depository Institutions, Except

question 29

Multiple Choice

All of the following are depository institutions, except:

• A)Commercial banks
• B)Credit unions
• C)Insurance companies
• D)Savings banks

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Definitions:

Original Cost

The initial purchase price or cost of acquiring an asset, before any depreciation or amortization.

Accounting Period

A specific period of time in which financial transactions are recorded and financial statements are prepared.

Prepaid Rent Expense

An account representing rent payments made in advance for future periods, which is gradually expensed over the benefit period.

Contra-Asset

An asset account where the balance is expected to be a debit balance but is instead a credit balance, such as accumulated depreciation.