In Your Many Travels, You Have Suddenly Found Yourself in an Auto

question 105

Multiple Choice

In your many travels, you have suddenly found yourself in an auto accident - the very first one where you are at fault. Both cars are blocking a bridge with heavy city traffic. What should you do?

• A) Stay at the scene of the accident - have someone call the police and get medical help.
• B) Move the cars to a safe place so no one else gets hit.
• C) Call a lawyer to meet you at the scene of the accident.
• D) Refrain from admitting guilt or signing anything.
• E) all of the above except C

---

Definitions:

Nonrecurring Gains

Profits that are not expected to happen regularly or repeatedly, coming from events like asset sales, lawsuit winnings, or one-time events affecting financial performance.

Income From Continuing Operations

Earnings generated from the normal, recurring activities of a business, excluding any one-time transactions or discontinued operations.

Nonrecurring Losses

Losses that are not expected to happen again in the foreseeable future, differentiated from normal business operations.

Accounting Events

Transactions or occurrences that result in changes to the financial statements of a company, requiring recognition or disclosure.