Time Deposits Consist of

question 22

Multiple Choice

Time deposits consist of

• A)savings accounts.
• B)loans and charge accounts.
• C)chequing accounts.
• D)government securities.
• E)profits earned by a financial institution.

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Definitions:

Accounts Payable

Liability accounts listing the amounts a company owes to suppliers for goods or services received on credit.

Salaries Payable

A liability account representing the amount of wages owed to employees for work performed but not yet paid.

Liability Account

A financial accounting term representing the debts or obligations of a company incurred during business operations.

Asset Account

An account on a company's balance sheet that represents the value of all assets that the company owns.