Which of the Following Statements About Parties in Congress Is

question 72

Multiple Choice

Which of the following statements about parties in Congress is FALSE?

• A) The committee system in both houses of Congress is a result of the two-party system.
• B) Assignment of individual members of Congress to committees is a party decision.
• C) Only members of the majority party are allowed to take part in the election of the Speaker of the House.
• D) Granting permission to transfer to another committee is a party decision.
• E) Advancement up the committee ladder toward chair is a party decision.

Recognize the importance of ethical values in accounting.

Distinguish between the different financing and investing activities of a business.

Explain the significance of assumptions in accounting such as the going concern assumption, the monetary unit assumption, and the economic entity assumption.

Understand the concept of revenues and how they affect equity.

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Definitions:

Gross Profit

The income a business earns once it subtracts the expenses involved in producing and marketing its goods, or the expenses related to delivering its services.

Other Revenue And Expenses

These refer to the income and costs that are not related to the main business activities of a company.

Purchases Account

An account used in the accounting for all goods bought for resale or for use in the production process.

Net Income

The total earnings of a company after subtracting all expenses from revenues, including taxes and interest, showcasing the company's financial performance over a specific period.