The item on the liabilities and equity section of a bank's balance sheet that represents the largest proportion of a typical bank's liabilities and stockholders' equity is:
a. deposits
b. stockholders' equity
c. securities
d. federal funds
Answer: a. deposits
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All of the following tests of controls will provide evidence that adequate computer virus control techniques are in place and functioning except
a. verifying that only authorized software is used on company computers b. reviewing system maintenance records c. confirming that antivirus software is in use d. examining the password policy including a review of the authority table
Which one of the following financial statements shows the end of the year cash balance for a business entity?
A) Income statement and statement of retained earnings B) Balance sheet and statement of cash flows C) Statement of retained earnings and statement of cash flows D) Balance sheet and statement of retained earnings
Describe two common business letter formats; include an advantage of each
Safety inventory is defined as inventory held to satisfy demand that is higher than forecasted
Indicate whether the statement is true or false.