"Checks and Balances" Helped Insure That No One Interest Could

question 49

Multiple Choice

"Checks and balances" helped insure that no one interest could dominate the government through

• A) presidential vetoes.
• B) Senate advice and consent.
• C) judicial interpretations.
• D) Options A, B, and C are true.
• E) None of the above is true.

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Definitions:

Time Period Assumption

An accounting principle that the life of a business can be divided into discrete time periods, such as months and years, for reporting purposes.

Operating Cycle

The duration of time it takes for a company to purchase inventory, sell the goods, and collect cash from the sale.

Dividends Declared

A firm's announcement of the payment of a dividend to shareholders by a specified date, representing a commitment to distribute a portion of earnings.

Net Income

The net income of a company, calculated by removing all costs and taxes from the total sales.