Which of the Following Statements Is True of Concurrent Authority

question 61

Multiple Choice

Which of the following statements is true of concurrent authority?

• A) This situation arises when authority to regulate in an area has been expressly given to the state government by the Constitution.
• B) When the state law is more restrictive, such that compliance with the state law is automatically compliance with the federal law, the state law will usually be valid.
• C) A state can regulate in an area even if the regulation conflicts with the federal regulation of the same subject matter.
• D) In many areas of environmental regulation, states may impose less stringent pollution-control standards than those imposed by federal law.

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Definitions:

Insurance Expense

The cost incurred by an entity to obtain insurance coverage, recognized as an expense over the period the insurance protection is provided.

Retained Earnings

The portion of net income not distributed as dividends but retained by the company to reinvest in its core business or to pay debt.

Adjusted Trial Balance

An adjusted trial balance is a list of all the accounts of a company, including any adjustments, showing the final balances to be used for preparing financial statements.

Income Statement

Financial statement that displays a company’s revenues and expenses, and ultimately its profit or loss, over a particular period, offering insight into its operational efficiency.