Oversight Is the Process by Which Congress

question 33

Multiple Choice

Oversight is the process by which Congress

• A) follows up on the laws it has enacted.
• B) reviews the actions of subcommittees.
• C) chooses its leadership.
• D) supervises the activity of the judicial branch.
• E) passes legislation.

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Definitions:

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period.

Net Income

The net income of a business following the subtraction of all costs and taxes from the total earnings.

Ending Inventory

Ending inventory is the total value of goods available for sale at the end of an accounting period, calculated using the beginning inventory, additions, and subtractions of goods sold.

Depreciation Expense

An accounting method of allocating the cost of a tangible asset over its useful life.