Which Results in a Loss of Assets,without Compensation

question 34

Multiple Choice

Which results in a loss of assets,without compensation?

• A) repatriation
• B) confiscation
• C) expropriation
• D) inflation

Understand government fiscal policies related to budget deficits and surplus.

Know the historical development of the American economy, including the transition from agriculture to industry.

Understand how industrialization and service-oriented economies have shaped modern economic systems.

Understand the characteristics of the American economic system and identify it as modified capitalism.

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Definitions:

Accounting Entities

Organizations, businesses, or units for which separate financial statements are prepared, distinct from any other economic activities.

Generally Accepted Accounting Principles

A standard framework of guidelines for financial accounting that includes the details, complexities, and legalities of business and corporate accounting.

Audit

An evaluation, typically by an independent entity, to ensure that an organization's financial records and statements are accurate and in accordance with laws and regulations.

Financial Statements

Compiled documents that present an organization’s financial activity and condition, typically including the balance sheet, income statement, and statement of cash flows.