To Be Effective,the Chart of Accounts Must

question 77

Multiple Choice

To be effective,the chart of accounts must

• A)not use alpha-numeric characters.
• B)contain sufficient detail.
• C)utilize only one coding technique.
• D)begin with account 001.

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Definitions:

Forged Checks

Checks that have been illegally altered or signed without the account holder's authorization.

FDIC

The Federal Deposit Insurance Corporation, a United States government agency that insures deposits at banks and thrifts up to the legal limit.

Insurance Coverage

A contract in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.

Electronic Fund Transfer Act

A law that protects consumers when they transfer funds electronically, including ATM transfers, direct deposits, and debit card transactions.