Which of the Following Statements About the Boards of Independent

question 3

Multiple Choice

Which of the following statements about the boards of independent regulatory commissions is accurate?

• A) The boards of independent regulatory agencies are loyal to presidential preferences.
• B) Independent regulatory agencies are under the direction of bipartisan boards.
• C) To reduce undue influence, board members of independent regulatory agencies are appointed to life terms.
• D) Board members are usually nominated from the career bureaucrats within the agency and approved by the Office of the President.
• E) Because of their independence, the boards of independent regulatory commissions do not need congressional support for survival.

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Definitions:

Process Costing

A method of costing used for homogenous products, where it calculates the cost of each process or stage of production.

FIFO Method

A method of inventory valuation where the oldest items are sold first, standing for "First In, First Out."

Conversion Costs

The combined costs of direct labor and manufacturing overhead used to convert raw materials into finished products.

FIFO Method

A method of inventory valuation that assumes the first items placed in inventory are the first sold, hence, the cost of the oldest inventory is used to determine the cost of goods sold.