A Class That Inherits Attributes from Another Class Is Called

question 109

Multiple Choice

A class that inherits attributes from another class is called a(n) ____.

• A) ascendant
• B) base class
• C) inheritor
• D) subclass

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Definitions:

Probable Loss

An estimated loss from a contingent liability that is likely to occur and can be reasonably estimated.

Fair Value Option

An accounting approach allowing companies to choose to measure certain financial assets and liabilities at fair market prices.

Reporting Requirements

These refer to the specific guidelines or regulations that entities must follow when preparing and presenting their financial and operational information to regulatory bodies or the public.

Financial Statement Disclosures

Refers to the requirement for organizations to provide additional context, data, and explanations within their financial statements, helping stakeholders understand the financial health and decisions of the entity.