You Are a Leader of a Small Group of 10-Year-Olds

question 52

Essay

You are a leader of a small group of 10-year-olds who are working on a (gardening, clothing, computer) project, and you want to establish a dialogue with them to determine their level of understanding. List some statements or questions that would be appropriate.

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Definitions:

Foreign Subsidiaries

Companies that are partially or wholly owned by a parent company but are located in a different country.

Cash-basis

An accounting method that recognizes revenues and expenses only when cash is exchanged, as opposed to when they are incurred.

Tax Depreciation

The allowable deduction for depreciation of assets for tax purposes, calculated using methods prescribed by the IRS.

Financial Statement Income

The income reported by a company on its financial statements, which includes revenues, expenses, gains, and losses.