U.S.banks Have Grown Primarily Through

question 169

Multiple Choice

U.S.banks have grown primarily through

• A)America's longstanding preference for big banks
• B)surviving banks buying up bankrupt banks
• C)excellent customer service
• D)mergers and acquisitions
• E)All of the answers are correct

Interpret the meaning of the Cash Short and Over account and its implications.

Identify good practices in internal control over cash payments.

Learn the impact of Sarbanes-Oxley Act specifically on public companies.

Understand the process and importance of a bank reconciliation.

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Definitions:

Scope Paragraph

A section of an auditor's report that describes the extent of the examination of the financial statements and the accounting principles applied.

GAAP

Generally Accepted Accounting Principles, which are a common set of accounting rules and standards used in the United States for financial reporting.

Internal Control

Systems and processes designed to ensure the reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.

Operating Segments

Components of a business for which separate financial information is available and evaluated regularly by the company's chief operating decision-maker in deciding how to allocate resources.