Swansea Can Easily Answer Questions About Complex Finance Issues Within

question 88

Multiple Choice

Swansea can easily answer questions about complex finance issues within the bank, yet her knowledge is beyond what can be easily trained. She has worked in the organization for so long that she has a feel or instinct for how to navigate tough issues beyond what she can easily articulate. This is an example of ______.

• A) value
• B) rareness
• C) tacit knowledge
• D) emotional intelligence

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Definitions:

Elimination Entry

An accounting entry made to remove the effects of intra-company transactions when consolidating the financial statements of a parent and its subsidiaries.

Fair Value

The earnings from auctioning off an asset or the obligation incurred during a methodical marketplace exchange at the date of price setting.

Consolidated Balance Sheet

A financial statement showing the combined financial position of a parent company and its subsidiaries, presenting the assets, liabilities, and equity as if the group were a single entity.

Disclosure Requirements

Guidelines or regulations that mandate the information companies must provide to stakeholders, ensuring transparency and assisting in informed decision-making.