FEDERAL DEPOSIT INSURANCE CORPORATION Definition

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FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) is an agency of the federal government that insures accounts at most commercial banks and mutual savings banks. The FDIC also has primary federal supervisory authority over insured state banks that are not members of the Federal Reserve System.

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ACCRUED INVENTORY functions as a "clearing" account to establish a liability for inventory physically received into the warehouse, but for which a vendor invoice had not yet arrived.

REVIEW EVIDENCE is information used by the accountant to provide a reasonable basis for the obtaining of limited assurance.

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