Which Statement Is Correct

question 48

Multiple Choice

Which statement is correct?

• A)The statement of comprehensive income and statement of financial position are accrual based and the statement of cash flows is cash based.
• B)The statement of comprehensive income, statement of financial position and statement of cash flows are all accrual based.
• C)The statement of financial position is accrual based and the income and statement of cash flows are cash based.
• D)None of the statements is correct.

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Definitions:

Oligarchy

A form of government where power effectively rests with a small number of people, often distinguished by royalty, wealth, family ties, or military control.

Concentrated Power

A situation where a significant amount of authority or power is held by a small number of individuals or organizations.

Bureaucracies

Formal organizations characterized by a hierarchical structure, a clear division of labor, set rules and regulations, and impersonal relationships, aimed at achieving maximum efficiency.

HIV/AIDS Spread

The transmission of the Human Immunodeficiency Virus (HIV) leading to the disease AIDS, affecting the immune system and potentially resulting in life-threatening infections.