Independent Regulatory Agencies ______

question 40

Multiple Choice

Independent regulatory agencies ______.

• A) generally have clear and well-defined goals to ensure the best chance of success
• B) rarely have conflicts with other agencies since Congress attempts to minimize competing goals
• C) have the same structures, duties, and procedures so it is easy to move personnel across agencies
• D) are political creations so that unresolved political conflicts may be built into an agency's structure

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Definitions:

Owner's Equity Accounts

Accounts representing the owner’s claim or interest in the business assets after all liabilities have been deducted.

Credits

Entries on the right side of an account, indicating an increase in liabilities, equity, or revenue, or a decrease in assets or expenses.

Posting Reference Notation

A unique code or number used to track the entry of a transaction in the accounting records to its source document.

Journal

A book or electronic record in which transactions are recorded in chronological order before they are posted to ledger accounts.