Question

A balance sheet is included in a(n) ___________________ for a bank. A.        income statement B.         provision...

A balance sheet is included in a(n) ___________________ for a bank.

A.        income statement
B.         provision for loan loss statement
C.         report of condition (call report)
D.        report of income
E.         statement of retained earnings

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Answer #1

Answer is B.

A balance sheet is included in a(n) Provision for loan loss statement for a bank.

A loan loss provision is an expense set aside as an allowance for uncollected loans and loan payments.This provision is generally used to cover a number of factors connected with potential loan losses including bad loans, customer defaults and renegotiated terms of a loan that incur lower than previously estimated payments.

Loan loss provisions are a standard accounting adjustment made to a bank’s loan loss reserves included in the financial statements of banks.

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