Which of the Following Is Correct

question 24

Multiple Choice

Which of the following is correct?

• A)The Federal Reserve has 14 regional banks.The Board of Governors has 12 members who serve 7-year terms.
• B)The Federal Reserve has 14 regional banks.The Board of Governors has 7 members who serve 14-year terms.
• C)The Federal Reserve has 12 regional banks.The Board of Governors has 12 members who serve 7-year terms.
• D)The Federal Reserve has 12 regional banks.The Board of Governors has 7 members who serve 14-year terms.

Distinguish between tangible and intangible assets and their accounting treatment.

Comprehend the principles of asset impairment.

Grasp the principles of depreciation and amortization for long-lived assets.

Understand the differences and similarities between IFRS and U.S. GAAP in accounting for long-lived assets.

---

Definitions:

Client-visits

Meetings or engagements with clients outside the company's premises for business discussions or services.

Activity Variance

The variance between the projected budget for a task and the actual expenses incurred.

Budgeting

The process of creating a plan to spend your money by estimating the revenue and expenses for a future period, used as a financial guide.

Actual Results

The real, measured outcomes of financial or operational activities, used to compare against budgeted or forecasted figures for analysis.