What Is Not a Correct Statement Concerning Consumer Protection Legislation

question 28

Multiple Choice

What is not a correct statement concerning consumer protection legislation?

• A) It prohibits the consumer from suing in his or her own right and gives the right to sue solely to an agency or to the attorney general.
• B) It recognizes that the theoretical right of the consumer to sue may be of little practical value.
• C) It provides special remedies.
• D) It provides certain agencies to police statutes passed to aid consumers.

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Definitions:

IFRS 1

An International Financial Reporting Standard designed to guide the first-time adoption of IFRS by companies, ensuring that financial statements are transparent and comparable.

Optional Exemptions

Certain allowances or exemptions available under specific regulations or standards that entities can choose to apply or not.

Goodwill

The excess value of a purchased company over its identifiable tangible and intangible assets, reflecting intangible factors such as brand reputation or customer relations.

Opening Balance Sheet

The initial financial statement of a company, showing assets, liabilities, and equity at the start of a new accounting period.