The Federal Reserve

question 2

Multiple Choice

The Federal Reserve

• A)was created in 1836.
• B)serves as a lender of last resort.
• C)was created to facilitate the federal government's collection of taxes as well as its expenditures.
• D)All of the above are correct.

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Definitions:

Job Order Costing

An accounting method used to track costs, revenue, and profitability of individual jobs or projects.

Direct Labor

The expenditure on the pay of staff members directly participating in the production of goods or delivery of services.

Production Department

A division within a manufacturing company responsible for the actual production of goods.

Prior Department

Refers to the earlier stage or department in a production process or organizational structure that precedes the current focus point.