_____________ Allows an Individual Currently Licensed in One State to Become

question 40

Multiple Choice

_____________ allows an individual currently licensed in one state to become licensed in another state if certain requirements are met.

• A)Licensure by credential
• B)Reciprocity
• C)Licensure exemption
• D)None of the above

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Definitions:

Accounting Implications

The effects or outcomes that accounting practices and principles have on financial statements and business decisions.

Business Combination

A transaction or event in which two or more businesses come together to form one company.

Goodwill

An intangible asset that represents the excess of the purchase price over the fair value of identifiable net assets of a business acquired.

Journal Entry

A record in the accounts of a business which shows a financial transaction, including debits and credits, to maintain the accuracy of the financial statements.