Which of the Following Statements Concerning Bank Regulation in the United

question 30

Multiple Choice

Which of the following statements concerning bank regulation in the United States is true?

• A) The Office of the Comptroller of the Currency has the primary responsibility for national banks.
• B) The Federal Reserve and the state banking authorities jointly have responsibility for state banks that are members of the Federal Reserve System.
• C) The Fed has sole regulatory responsibility over bank holding companies.
• D) All of the above are true.
• E) Only A and B of the above are true.

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Definitions:

Adjusting Journal Entry

An entry in accounting that is made at the end of an accounting period to record any unrecognized income or expense for the period.

Income Tax Expense

The cost incurred by businesses or individuals due to earnings, represented as an expense in financial statements and affecting net income.

Retained Earnings

The portion of net income that is not distributed to shareholders as dividends but is kept by the company for reinvestment.