All of the Following Represent Criteria for Determining Questioned Costs

question 2

Multiple Choice

All of the following represent criteria for determining questioned costs except

• A) Unallowable costs.
• B) Unreasonable costs.
• C) Unquestioned costs.
• D) Unapproved costs.

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Definitions:

Securities

Financial instruments that represent an ownership position in a publicly-traded corporation (stock), a creditor relationship with a governmental body or a corporation (bond), or rights to ownership as represented by an option.

Net Worth

The value of all assets a person or corporation owns, minus the liabilities they owe; a measure of financial health.

Liabilities

A debt owed by a business to another organization or individual.

Assets

Resources owned by a business or individual that have economic value and can provide future benefits.