In the Chapter Discussion of the Political Legal Segment of the General

question 161

Multiple Choice

In the chapter discussion of the political legal segment of the general environment, it was noted that President Obama's administration has sought to pursue policies that would

• A) remove the U.S. from NAFTA.
• B) abolish antitrust laws.
• C) increase the amount of work U.S. companies outsource to firms in other nations.
• D) reduce the amount of work U.S. companies outsource to firms in other nations.

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Definitions:

Statement of Functional Expenses

A detailed financial report showing how a nonprofit organization's expenses are allocated across its various functions, such as programs, administrative, and fundraising.

Notes to Financial Statements

Explanatory and supplementary information attached to the financial statements of a company, detailing the basis for figures and providing additional insights.

Nature and Function

A term often used to describe the properties and roles of different parts within a system or organization.

Basis of Accounting

The methodology under which revenues and expenses are recognized in the financial statements, examples include cash basis and accrual basis.