Significant Differences Exist in Terms on Financial Statements Around the World.For

question 31

Multiple Choice

Significant differences exist in terms on financial statements around the world.For example, another name for what we know as Contingent Liabilities in the U.S.is:

• A) Share Capital
• B) Capital Reserves
• C) Provisions for Other Risks
• D) Deferred Income

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Definitions:

Gasoline Engine

A gasoline engine is an internal combustion engine that uses gasoline as fuel to produce mechanical energy.

Expenditure

The action of spending funds or an amount of money spent on various types of expenses, including operating and capital expenses.

Property, Plant, Equipment

Long-term assets vital for the operation of a business, not intended for resale but used to generate revenue.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was put into use.