Which of the Following Is Not Necessarily a Consequence of Occupational

question 138

Multiple Choice

Which of the following is not necessarily a consequence of occupational licensing laws?

• A)They restrict competition.
• B)Consumers pay higher prices for the services of licensed professions.
• C)They result in a higher quality of service.
• D)They ensure that licensed professionals meet some minimum qualifications.

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made, used to prepare financial statements.

Ledger Accounts

A record within the general ledger that is used to collect and store balance and transaction information for individual items such as assets, liabilities, equity, revenues, and expenses.

Retained Earnings Account

An equity account that represents the accumulated portion of net income that a company has decided to keep and reinvest in the business rather than distribute to shareholders as dividends.