Management Assertions in the Acquisition and Expenditure Business Process Are

question 79

Multiple Choice

Management assertions in the acquisition and expenditure business process are

• A)existence or occurrence - for account balances
• B)completeness - for both classes of transactions and account balances
• C)valuation and allocation - for classes of transactions
• D)rights and obligations - for classes of transactions
• E)accuracy - for classes of transactions
• F)both A and C
• G)both B and E

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Definitions:

Capitalist Economy

An economic system where private individuals rather than the state own and control property and businesses.

Centrally Planned Economy

An economic system where the government or central authority makes all decisions regarding the production and distribution of goods and services, often found in socialist or communist countries.

Government Sets Prices

A situation where the government determines the selling prices of goods and services, often to stabilize the economy or ensure affordability.

Market Economy

An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.