Members of Congress Come from All Walks of Life Including

question 13

Multiple Choice

Members of Congress come from all walks of life including a variety of previous career fields. The two most common previous jobs for members of Congress are both related to which field?

• A) Law
• B) Social work
• C) Politics
• D) Medicine

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Definitions:

GAAP

Generally Accepted Accounting Principles, a set of rules and standards designed to ensure consistency, transparency, and integrity in the financial reporting of companies in the United States.

Amortization

The systematic allocation of the cost of an intangible asset over its useful life, reflecting the consumption of the asset's economic benefits.

Consolidated Net Income

The total net income of a parent company and its subsidiaries after the elimination of inter-company transactions, presented in consolidated financial statements.

Amortization

The practice of slowly allocating the initial expense of an intangible asset across its productive lifespan.