All of the Following Are Depository Institutions Except One

question 1

Multiple Choice

All of the following are depository institutions except one.Which is the exception?

• A)commercial banks
• B)savings and loan associations
• C)anminsurance company
• D)mutual savings banks
• E)credit unions

---

Definitions:

Adequate Records

Maintaining sufficient and detailed financial documents to accurately capture a company's transactions, facilitating scrutiny, and ensuring compliance with laws and regulations.

Internal Control

A system of policies and procedures designed by management to safeguard company assets, ensure financial report accuracy, and comply with laws and regulations.

Clearly Establishing

The process of defining or setting precise boundaries, rules, or standards.

Money Orders

Prepaid payment instruments issued for a specified amount, guaranteeing payment to the recipient.