By Late 2012, the Number of Branches of Existing Commercial

question 32

Multiple Choice

By late 2012, the number of branches of existing commercial banks in the U.S. approximated ________, which was a(an) _________ from 1985.

• A)83,000; increase
• B)43,000; increase
• C)68,000; decrease
• D)103,000; decrease
• E)72,000; increase

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Definitions:

Authorize and Pay

The process of approving financial transactions or disbursements and executing the payment accordingly.

Control Principle

An accounting principle that states the need for procedures and measures to regulate and ensure the accuracy of financial records.

Segregation of Duties

A key internal control mechanism that involves dividing responsibilities within an organization to reduce the risk of fraud or error.

Warehouse Custodian

An individual responsible for overseeing the storage and security of goods in a warehouse, ensuring proper inventory management and control.