What Is the Name of the Procedure Whereby State Agencies

question 47

Multiple Choice

What is the name of the procedure whereby state agencies are reviewed every 12 years?

• A) Sunset process
• B) Affirmative action
• C) Deregulation
• D) Performance review
• E) Administrative oversight

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Definitions:

Retained Earnings

The portion of a company's profits that is held or retained and saved for future use, investments, or to pay debt, rather than distributed to shareholders as dividends.

Adjusted Trial Balance

A statement listing all accounts and their final balances after adjusting entries are made, used to prepare financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones.

Retained Earnings Account

An equity account that represents the accumulated portion of net income that a company retains after distributing dividends to shareholders.