A Feature That Distinguishes Professions from Other Types of Occupations

question 20

Multiple Choice

A feature that distinguishes professions from other types of occupations is:

• A)Indirect regulation
• B)Self-regulation
• C)Nonregulation
• D)Indirect regulation and nonregulation

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Definitions:

Alternative Reporting Formats

Refers to various formats a company may use to present its financial statements, outside of the standard formats.

Joint Venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific project or business activity.

Joint Operation

An arrangement where two or more parties undertake an economic activity that is subject to joint control, where the parties have rights to the assets and obligations for the liabilities.

One-Line Method

An accounting technique used in the consolidation of financial statements where a parent company reports the net assets and results of a subsidiary in a single line.