A Law Created to Use Against Organized Crime the Racketeer

question 59

True/False

A law created to use against organized crime the Racketeer Influenced and Corrupt Organizations Act (RICO) includes the forfeiture of any ill-gotten monetary gains form illegal activity including real and personal property.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate periods, ensuring that revenues and expenses are matched.

Accumulated Depreciation

The complete value of a physical asset's price that has been charged as an expense from the time the asset started being utilized.

Contra Asset Account

A type of account that reduces the total value of a related asset account on a company's balance sheet.

Asset-Expense Relationship

The correlation between a company's assets and expenses, indicating how asset utilization incurs costs.