Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which type of bank has customers who are also owners?

Credit union

Central bank

Commercial bank

Investment bank

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Verified step by step guidance

Understand the concept of ownership in financial institutions: Some banks operate as cooperatives, meaning their customers are also their owners. This is a key characteristic of one specific type of bank.

Learn about credit unions: Credit unions are member-owned financial institutions. When you deposit money into a credit union, you become a member and part-owner of the institution.

Differentiate between other types of banks: Central banks, commercial banks, and investment banks do not operate on a member-ownership model. They are typically owned by shareholders or government entities.

Focus on the unique structure of credit unions: Credit unions are designed to serve their members rather than maximize profits. This is why customers are also owners.

Conclude that the correct answer is 'Credit union,' as it aligns with the description of customers being owners.