When a Formal Definition of a Planet in the Solar

question 115

Multiple Choice

When a formal definition of a planet in the solar system was adopted, Pluto was reclassifiedas a dwarf planet. What characteristic of planets does NOT describe Pluto?

• A)Planets orbit the Sun.
• B)Planets are approximately spherical.
• C)Planets have cleared the neighborhood around their orbit.
• D)Planets orbit in ellipses with low eccentricity.
• E)Planets orbit in or very near the ecliptic plane.

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Definitions:

Match of Expenses

The accounting principle of recognizing expenses in the same period as the revenues they helped to generate.

Revising Depreciation Estimates

Adjusting the period or method used for depreciating a fixed asset due to changes in its expected useful life or salvage value.

Past Periods

Previous time frames or accounting periods, which have already concluded and for which financial statements are typically finalized.

Accelerated Depreciation Method

A depreciation method that provides for a higher depreciation amount in the first year of the asset’s use, followed by a gradually declining amount of depreciation.