Congress Passed the Foreign Corrupt Practices Act That Made It

question 65

Multiple Choice

Congress passed the Foreign Corrupt Practices Act that made it illegal to:

• A)traffic women and children across country borders
• B)bribe foreign officials
• C)take kickbacks from foreigners
• D)engage in price-fixing with foreign businesses

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Definitions:

Real Accounts

Accounts that represent assets, liabilities, and equity, remaining open to accumulate financial information over several periods.

Liabilities

Financial obligations or debts that an entity owes to others, which are expected to be settled over time through the transfer of economic benefits.

Accumulated Depreciation

Accumulated depreciation represents the total amount of depreciation expense that has been recorded against a fixed asset since it was acquired and put into use.

Retained Earnings

The amount of net income left over for a business after it has paid out dividends to its shareholders.