Which of the Following Has NOT Occurred as a Result

question 25

Multiple Choice

Which of the following has NOT occurred as a result of the Congressional Budget Act of 1974?

• A)Better management of budget-making conflict within Congress
• B)Acceptance within Congress of the congressional budget process as a regular part of decision making about spending
• C)Increased congressional dependence upon the Office of Management and Budget for financial data and advice
• D)Reduced growth in the number of "entitlement" programs

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Definitions:

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated for use in financial reporting and inventory management.

FIFO Cost Assumption

"First-In, First-Out," an inventory costing method that assumes the first items put into inventory are the first ones sold, affecting the calculation of cost of goods sold and ending inventory.

Perpetual

A system or inventory accounting method where updates are made continuously to record every sale or purchase.

Periodic Inventory System

An inventory system under which the company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period.