Which of These Statements Regarding the Itemization of Funeral Costs

question 27

Multiple Choice

Which of these statements regarding the itemization of funeral costs is true ?

• A)In 1984, the Federal Trade Commission mandated that all U.S. funeral homes itemize their fees.
• B)With itemization of funeral costs, it is possible to make accurate comparisons of price and quality over the phone
• C)The FTC rule regarding itemization of funeral expenses uniformly resulted in decreasing funeral expenses to families in the United States.
• D)In 2019, the U.S. national median cost of a funeral with viewing and burial was $7,000.

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Definitions:

Permanent/Temporary

Permanent/temporary classification refers to the duration for which assets, liabilities, or policies are intended to last, with permanent being indefinite and temporary for a limited period.

Normal Balance

The expected debit or credit balance a particular account should hold under double-entry bookkeeping.

Financial Statement

A written record that conveys the business activities and financial performance of a company, including balance sheets and income statements.

Permanent/Temporary

Classification of accounts where permanent accounts refer to items on the balance sheet and temporary accounts to items that pertain to the income statement.