As You Read This Question,your Brain Gives Meaning to the Lines

question 338

Multiple Choice

As you read this question,your brain gives meaning to the lines and curves on this page.This activity of your brain represents:

• A)sensory adaptation.
• B)sensation.
• C)perception.
• D)transduction.

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Definitions:

Loss Contingency

A potential financial loss that might occur in the future, dependent on the outcome of a specific event, recorded in accounting if it is probable and the amount can be reasonably estimated.

U.S. GAAP

United States Generally Accepted Accounting Principles, the collection of rules and procedures designed to ensure consistency and transparency in financial reporting.

Estimated Cost

A projection or approximation of the future cost associated with a product, service, project, or investment, often used for budgeting purposes.

Provision

A provision is an amount set aside in the financial statements to cover a future liability or loss.