Which of the Following Statements Is True of Characteristics of a Profession

question 28

Multiple Choice

Which of the following statements is true of characteristics of a profession?

• A) It enjoys a high level of public trust and confidence even though it is never legalized by a regulatory body.
• B) It is organized into associations and there are specific requirements for admission into such associations and maintenance of membership.
• C) There are published authoritative performance and ethical standards for a profession even though it is never legalized by a regulatory body.
• D) Violations of a profession's performance and ethical standards would always result in expulsion from membership.

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Definitions:

Debt Ratio

A financial ratio that measures the proportion of a company's total debt to its total assets, indicating the company's leverage level.

Total Assets

The combined value of a company's immediate and long-term assets.

Total Liabilities

Total liabilities represent the aggregate of all debts and financial obligations owed by an entity at a given point in time.

Processing Transactions

Processing transactions involves recording, analyzing, and managing the financial events and transactions of a company, ensuring accuracy in the financial statements.