Many Middle-Class Americans Copy the Leisure Activities Such as Golf

question 26

Multiple Choice

Many middle-class Americans copy the leisure activities such as golf and tennis of upper classes.This is an example of

• A) status float.
• B) class elevation.
• C) wannabe millionaires.
• D) the trickle-down effect.
• E) unrealistic expectations.

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Definitions:

Accrual

A bookkeeping approach that logs income and expenditures at the time they occur, irrespective of the timing of actual cash transactions.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity, presenting the financial results and health of the entity.

Onerous Contract

A contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.

AASB 137

The Australian Accounting Standards Board standard that deals with the treatment of provisions, contingent liabilities, and contingent assets.