As a Percentage of Total Assets,credit Unions Invest _______________ in Securities

question 18

Multiple Choice

As a percentage of total assets,credit unions invest _______________ in securities than banks and ______________ in consumer loans than banks.

• A)more; more
• B)less; less
• C)more; less
• D)less; more
• E)less; about the same

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Definitions:

Adjustments Column

Part of an accounting worksheet where entries are made to update account balances before preparing financial statements.

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders. Often reinvested in the business or used to pay off debt.

Income Summary Account

An account used to transfer the balances of temporary accounts to a permanent account at the end of an accounting period, summarizing revenue and expenses.

Closing Process

The procedure at the end of an accounting period where income and expense accounts are cleared out to start the new period with a zero balance.