Which of the Following Is an Asset on the Balance

question 90

Multiple Choice

Which of the following is an asset on the balance sheet of the Bank of Canada?

• A)reserves of chartered banks
• B)Government of Canada deposits
• C)Bank of Canada notes in circulation
• D)advances to chartered banks

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Definitions:

Condition Precedent

In contract law, an act or promise that must take place or be fulfilled before the other party is obligated to perform his or her part of the agreement.

Enforceable

Describes a legal agreement or contract that is valid and therefore can be upheld and enforced in a court of law.

Best Evidence Rule

A legal principle requiring the presentation of the original document as evidence in court, rather than copies, unless the original is unavailable.

Obligee

A person or entity that is owed a duty or performance under a legal agreement or contract.