Directions: Choose the Best Answer Based on the Information You

question 11

Multiple Choice

Directions: Choose the best answer based on the information you read in Chapter 5. ​ In Bloom's taxonomy, what does the skill of "analyzing" require?

• A)recalling basic information
• B)explaining what the information means
• C)breaking down the information and studying the parts
• D)shaping ideas to make something new

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Definitions:

Unrealized Gains and Losses

Increases or decreases in the value of investments that have not been sold, thus not yet resulting in actual profit or loss.

IFRS 11

An International Financial Reporting Standard that deals with accounting for interests in joint arrangements, requiring parties to recognize their rights and obligations.

Non-Monetary Assets

Assets that are not in the form of cash or cannot be easily converted to cash, such as property, plant, and equipment.

Proportionately Adjusted Income Statement

An income statement where the figures reflect the proportional share of joint ventures or associates in a company's earnings.