Powers delegated to the national government that may be exercised by the states are referred to as ________
A) ex post facto powers
B) shared powers
C) police powers
D) delegated powers
B
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The matching principle requires that revenues and expenses for the same time period are matched
Indicate whether the statement is true or false
Which term refers to the ability to interact effectively with people of different cultures?
A. Tolerance B. Racial knowledge C. Egalitarianism D. Ethnocentrism E. Cultural competence
An optional columnar working paper used to prepare a company's unadjusted trial balance, adjusting entries, adjusted trial balance, and financial statements is a(n):
A. General ledger. B. Work sheet. C. Post-closing trial balance. D. Adjusted trial balance. E. Unadjusted trial balance.
A company's correct ending balance for the inventory account at the end of 2021 should be $5,000, but the company incorrectly stated it as $3,000. In 2022, the company correctly recorded its ending balance of the inventory account. Which one of the following is true?
A. Cost of goods sold is understated by $2,000 in 2021. B. Gross profit is overstated by $2,000 in 2022. C. Gross profit is overstated by $2,000 in 2021. D. Retained earnings are understated by $2,000 in 2022.