Match Each Term to the Correct Descriptor

question 56

Multiple Choice

Match each term to the correct descriptor. Terms may be used more than once or not at all.
-Sensed primarily on the tip of the tongue

• A)salty
• B)sweet
• C)umami
• D)bitter

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Definitions:

Contra Asset

An account that offsets an associated asset account, with common examples being accumulated depreciation and allowance for doubtful accounts.

Fair Value Adjustment

Fair value adjustment is an accounting process to adjust the book value of assets or liabilities to their fair value.

Security Portfolio

A collection of investments held by an individual or an institution which may include stocks, bonds, mutual funds, or other investments.

Accounting Period

A time frame for which financial statements are prepared, typically a year, quarter, or month, to measure a company's financial performance.