Most of the Major Professions Are Governed by Professional Organizations

question 15

Multiple Choice

Most of the major professions are governed by professional organizations that are regulated by

• A) provincial statutes.
• B) the common law.
• C) rules set by the professional bodies.
• D) ancient rules of medieval guilds.
• E) codes of conduct.

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Definitions:

Expense Account

An income statement account that represents the cost of goods sold or services provided to generate revenue.

Credit Balance

A credit balance occurs when the total credits in an account exceed the debits, often seen in liability, revenue, and equity accounts.

Capital Account

An account on a company's balance sheet that represents the owners' stake or equity in the company.

Debit Balance

A financial situation where the total sum of debits in an account exceeds the total sum of credits, indicating assets or expenses.