Identify the Statement That Most Accurately Describes the Difference Between

question 16

Multiple Choice

Identify the statement that most accurately describes the difference between the market and the administrative versions of utilitarianism.

• A)The administrative version of utilitarianism promotes policies that protect property rights and encourage competition.
• B)The administrative version of utilitarianism uses social sciences to predict consequences.
• C)The administrative version of utilitarianism turns to policy experts for the design and implementation of policies.
• D)The administrative version produces those goods that the consumers want.

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Definitions:

Consolidated Financial Statements

Financial statements that combine the financial information of a parent company with its subsidiaries, presenting it as if the group is a single entity.

Entity Principle

The Entity Principle is an accounting concept stating that a business must be accounted for separately from its owner or any other business entity.

Revenues Earned

Income that has been generated from business activities and is recognized once the service has been provided or the goods have been delivered.

FASB Suggestion

Recommendations or guidance offered by the Financial Accounting Standards Board, which sets accounting principles in the United States.