Many Banks in the U

question 167

True/False

Many banks in the U.S.failed in the 1930s not because they were poorly managed but because they could not survive the panicky withdrawals of funds by their depositors.

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Definitions:

Adjusting Journal Entries

Entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Journal Entries

Entries made in the accounting records at the end of an accounting period to transfer balances from temporary to permanent accounts.

Salary Expense

An expense account that records the total amount of salary payments made to employees over a period of time.

Accrued Salaries

Salaries that have been incurred but not yet paid, representing a liability for the company.