The Type of Institution for Which All Are Both Owned

question 42

Multiple Choice

The type of institution for which all are both owned by its depositors and pays "dividends" to its depositors is the

• A) credit union.
• B) savings and loans.
• C) life insurance companies.
• D) commercial bank.

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Definitions:

Credit

An accounting entry that increases liabilities and equity or decreases assets, reflecting a transaction such as the sale of goods on account.

Balance

The amount of money in a financial account, or the difference between the total debits and credits recorded in an account.

Reference Column

A column in financial documents or reports that is used to cross-reference or provide additional information related to a specific entry.

Journalizing

The process of recording financial transactions in a journal, detailing accounts affected, amounts, and dates.