Which of the Following Acts Represents the Federal Government's First

question 2

Multiple Choice

Which of the following acts represents the federal government's first involvement in the sale of stocks and other securities?

• A) Revenue Act of 1932
• B) Securities Act of 1933
• C) Budget and Accounting Procedures Act of 1950
• D) Freedom of Information Act

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Definitions:

Major Account Groups

Categories used in financial accounting to organize and summarize the financial activities of a business.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the owner's claim against the company assets.

Drawing

An account used to record the funds withdrawn from a business by its owner for personal use, reducing the owner's equity.

Owner's Equity

Owner's equity represents the owner's claims to the assets of a business after all liabilities have been subtracted.