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Match the Following with the Terms Below

Question 85

Matching

Match the following with the terms below:

Premises:
Compensating Balances
Contingent Liabilities
Prior Period Adjustments
Deferred Charges
Off-Balance-Sheet Financing
Responses:
Borrowing money in ways to avoid recording the liability
Long-Term prepayments (also called deferrals)
Events that could create negative financial results
A minimum cash balance that the depositor company must maintain
A correction of a previously undetected error in a year before the current year.

Correct Answer:

Compensating Balances
Contingent Liabilities
Prior Period Adjustments
Deferred Charges
Off-Balance-Sheet Financing
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