Criminal Acts Are Prohibited by

question 22

Multiple Choice

Criminal acts are prohibited by

• A) local and state statutes only.
• B) state statues only.
• C) federal statutes only.
• D) local, state, or federal statutes.

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Definitions:

Profit-Oriented Entity

A business whose primary goal is to generate profits rather than focusing on other goals such as social impact or environmental sustainability.

Fair Value

The financial return from disposing of an asset or expense of transferring a liability in a systematic transaction with market entities at the point of measurement.

Carrying Value

The book value of assets and liabilities as reported on the balance sheet, reflecting original cost adjusted for depreciation, amortization, and impairments.

Restricted Fund

Funds that are earmarked for a specific purpose by the donor or governing body and cannot be used for general expenses.