When a State Regulation Conflicts with a Federal Regulation

question 33

Multiple Choice

When a state regulation conflicts with a federal regulation

• A)the federal regulation always takes precedence.
• B)the state regulation always takes precedence.
• C)sometimes the state regulation takes precedence.
• D)the U.S.Supreme Court must decided which regulation takes precedence.

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Definitions:

Financial Accounting

The field of accounting focused on the summary, analysis, and reporting of financial transactions pertaining to a business to external entities.

Managerial Accounting

The process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.

General-Purpose Reports

General-purpose reports are financial statements designed to meet the broad information needs of external users, such as shareholders and creditors, rather than tailored for specific managerial requirements.

Managerial Accounting

This branch of accounting focuses on providing information to managers within an organization to aid in decision-making and financial management.