Statement I

question 120

Multiple Choice

Statement I.The FDIC is now part of the Federal Reserve.
Statement II.The savings and loan crisis developed in the 1980s because the FDIC was much more lax about supervising the savings and loan associations than the commercial banks.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

General Journal Entry

A record in the general journal that documents financial transactions, including date, accounts affected, amounts, and description.

Transportation-In

Costs associated with bringing inventory to its current location and condition, typically considered part of inventory costs.

Internal Control

Processes and procedures implemented to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Bonding Cashiers

A risk management practice where cashiers are insured against the risk of theft or embezzlement.