The Term Hundred-Year Flood Signifies

question 42

Multiple Choice

The term hundred-year flood signifies:

• A) the size of a flood that is predicted to have a 1 in 100 probability of occurring in a given year
• B) the size of a flood that is predicted to occur every year for 100 years continuously
• C) a general term for a very large flooding event

---

Definitions:

Construction In Progress

This refers to the balance sheet classification of the cost of construction projects that are not yet complete.

Liability

A financial obligation or debt owed by a business to another entity, which requires settlement through the transfer of assets or services.

Revenue Recognition

The process by which companies document and account for their income, specifically defining when and under what circumstances revenue is considered earned.

Manage Earnings

This involves legal and possibly unethical financial reporting strategies to make a company's financial condition appear more favorable than it actually is.