Which One of the Following Is NOT a Federal Department

question 8

Multiple Choice

Which one of the following is NOT a federal department entrusted with providing national security?

• A) Defense
• B) State
• C) Police
• D) Justice
• E) Homeland Security

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Definitions:

Going Concern Basis

An accounting principle that assumes a business will continue to operate and remain solvent in the foreseeable future.

Accounting Policy

The unique criteria, base assumptions, conventions, statutes, and approaches employed by a business in the development and disclosure of financial statements.

Measurement Bases

The various methods or approaches for determining the value at which assets, liabilities, income, and expenses are recognized and presented in financial statements.

Materiality

The notion of materiality guides the margin of error acceptable, the degree of precision required, and the extent of the disclosure required when preparing general purpose financial statements.