Refer to the Scenario Below, and Then Answer the Following

question 21

Multiple Choice

Refer to the scenario below, and then answer the following question(s) .
You are the managing naturalist for a natural history museum that has just received a batch of fossils from one of the field paleontologists sponsored by the museum. The note in the box states the fossils all came from the same rock layer. The museum is organized according to geologic timescale, and its management needs you to tell them to which department (based on era) and period specialist (an individual with experience with life-forms of a particular geologic-timescale period) the fossils should go. You find fossils of fish and seed-bearing plants but no reptiles or higher animals and no flowering plants.
-To which era do these fossils belong?

• A)Precambrian
• B)Paleozoic
• C)Mesozoic
• D)Cenozoic

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Definitions:

Comparability

An accounting principle that ensures financial statements can be compared between periods and across companies.

Financial Statements

Consolidated reports that summarize the financial performance, position, and cash flows of a business over a specified period.

Adjusting Entries

Journal entries made in accounting to adjust income and expense accounts so they reflect the true financial position of a business.

Expenses

Costs incurred in the process of generating revenues, representing the consumption of resources such as raw materials, labor, and overhead.