Which (Or Who) of the Following Required That Increases in Discretionary

question 129

Multiple Choice

Which (or who) of the following required that increases in discretionary spending be offset with cuts in entitlements?

• A) Ronald Reagan
• B) The Office of Management and Budget
• C) The Government Accounting Office
• D) The Budget Enforcement Act
• E) The Deficit Reduction Act

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Definitions:

Costs Expire

This concept relates to the recognition of expenses in the income statement when the underlying value or utility of the cost is consumed or no longer exists.

Operating Cycle

The time period between purchasing raw materials and collecting cash from selling finished goods, measuring the efficiency of a company's operations and cash flow.

Extraordinary Item

Unusual and infrequent gains or losses on a company's financial statements, not expected to recur in the foreseeable future, a concept that has been phased out in many accounting standards.

Income Statement

A report detailing a business's income and outgoings within a set timeframe, culminating in a final profit or loss.