Describe the three modalities of providing public access to information under the
Freedom of Information Act (FOIA).
What will be an ideal response?
The Freedom of Information Act (FOIA) provides for three forms of
disclosure: publication, inspection and copying, and production upon request. Agencies
meet the publication requirement by publishing information in the Federal Register.
The second form of disclosure entails making information available for public inspection
and copying. FOIA ยง552(a)(1) requires that agencies make certain information available
for inspection and copying. The production-upon-request method is a catch-all, providing
people with access to most public records. All documents, other than those specified for
publication or inspection and copying, fall into this category.
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In determining which business plans to fund, investors search for a concept with promising growth potential rather than the most unique product or service
Indicate whether the statement is true or false
For external reporting purposes, GAAP requires companies to treat period costs as assets
Indicate whether the statement is true or false
Which one of the following statements is TRUE?
A. An example of asset switching is borrowing money to buy equipment but instead taking it to Las Vegas to gamble with it. B. The commission required by the Federal Housing Agency for a small business loan is an example of an agency cost. C. An example of an agency cost is the salary of the agent hired to work for the principal. D. Creditors have a claim on a firm's earning stream through the dividend payments they receive. E. An example of asset switching is an option to exchange one piece of real estate for another.
All of the following are programs to insure fundamental risks EXCEPT
A) federally subsidized flood insurance. B) auto physical damage insurance. C) Social Security. D) unemployment insurance.