Using the Classification System Used by Airlines in the Text

question 86

Multiple Choice

Using the classification system used by airlines in the text, a diamond or an emerald who is some miles short of keeping his or her status at the end of a given year technically must be "demoted" to ________.

• A) gold
• B) sapphire
• C) diamond
• D) iron
• E) platinum

---

Definitions:

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the U.S. to govern financial reporting and ensure consistency.

Accounting Standards

Rules and guidelines used in the preparation and presentation of financial statements to ensure accuracy, completeness, and consistency.