The Ability to Recognize an Emergency Situation and Act Accordingly

question 22

Multiple Choice

The ability to recognize an emergency situation and act accordingly is due to which of the following?

• A) muscle memory
• B) good common sense
• C) cortisol
• D) the neurons in your brain

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Definitions:

Income

The money received, especially on a regular basis, for work, through investments, or from business activities.

Gains

Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases in liabilities.

GAAP

GAAP, which stands for Generally Accepted Accounting Principles, is a set of accounting standards and conventions that guide how financial statements are prepared and reported.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that aims to ensure transparency and comparability of financial statements globally.