What New Forms of Banking Have Been Spawned by the Advances

question 78

Essay

What new forms of banking have been spawned by the advances in information technology of the past two decades? Is it likely that traditional banks will disappear as a result of these innovations? Why?

Recognize the impact of demographic conditions on the Social Security system.

Identify the future financial challenges of the Social Security system due to demographic shifts.

Comprehend how the Social Security system is financed.

Analyze the disparity in benefits received by different demographic groups.

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Definitions:

Underapplied Overhead

A situation in accounting where the allocated overhead for a period is less than the actual overhead incurred.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, including salaries of non-direct labor, maintenance, and factory supplies.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company.

Debit

An accounting entry that increases asset or expense accounts, or decreases liability, equity, or revenue accounts.