The Consumer Product Safety Commission

question 28

Multiple Choice

The Consumer Product Safety Commission:

• A) have no enforcement powers since compliance with its regulations is left up to the manufacturer.
• B) uses data it gathers to set uniform product safety standards for goods such as toys and lawn mowers.
• C) can only make manufacturers voluntarily submit their products for testing if the product falls below its regulatory standards.
• D) only has the authority to educate the public concerning product safety problems.

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Definitions:

Revenue

The entirety of income that a company earns from the transactions tied to its fundamental operational services or product sales.

Accounts Payable

Short-term liabilities representing amounts due to suppliers or creditors for goods and services received but not yet paid for.

Correcting Entry

An entry made in the accounting records to amend a previously made error or oversight.

Rent Expense

The cost incurred by a business to use property or equipment for operational purposes, typically reported on the income statement.