The Federal Election Campaign Act of 1971

question 6

Multiple Choice

The Federal Election Campaign Act of 1971

• A)states that individuals may contribute up $15,000 to any candidate for federal office in any primary or general election.
• B)requires that each candidate or campaign committee itemize the full name and address,occupation,and principal business of each person who contributes more than $100.
• C)states that political action committees can contribute $500,000 to any candidate for federal office in any primary or general election.
• D)eliminated unrestricted "soft money" donations to the national political parties.

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Definitions:

Accounting Errors

Mistakes or omissions made in the accounting process, which may require adjustments to previously published financial statements.

Internal Audit Staff

Employees of an organization who perform independent and objective evaluations of the effectiveness and compliance of the firm's operations, including the reliability of financial reporting.

Consignment

An arrangement where goods are left in the possession of another party to sell, but ownership and title remain with the supplier until the goods are sold.

Revenue Recognition

The accounting principle governing when revenue is considered earned and can be recorded in the financial statements.