The Following Are General Risk Contingencies That Can Affect Anyone

question 27

Multiple Choice

The following are general risk contingencies that can affect anyone who is operating a business and are not reported in the notes to the financial statements, except

• A) war.
• B) strike.
• C) lawsuit.
• D) recession.

---

Definitions:

Formal Operations

In Piaget’s terms, mental operations in which all possible combinations are considered in solving a problem. Consequently, each partial link is grouped in relationship to the whole; in other words, reasoning moves continually as a function of a structured whole.

Appearance/Reality Distinctions

The cognitive ability to differentiate between how things appear and how they actually are.

Three-Year-Olds

Refers to children at the age of three, a development stage characterized by rapid growth in language, social interaction, and cognitive skills.

Answer Incorrectly

The act of providing a solution or response that does not accurately address or resolve the question or problem posed.