What Phrase on Reporting Was Selected as the 2017 "Word

question 47

Multiple Choice

What phrase on reporting was selected as the 2017 "Word of the year" by Collins Dictionary?

• A) Fake news
• B) Social media
• C) Tweet storm
• D) 24-hour news
• E) Infotainment

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Definitions:

FIFO System

First-In, First-Out, an inventory valuation method where goods first added to inventory are the first ones to be sold.

Impairment

Impairment occurs when the carrying amount of an asset exceeds its recoverable amount, leading to a reduction in the asset's value on the balance sheet.

Intangible Assets

Non-physical assets such as patents, copyrights, trademarks, software, and goodwill that have value to a business.

Goodwill

The excess value of the purchase price over the fair market value of the assets acquired and liabilities assumed in a business combination.