For Which of the Following Descriptions Would You Identify a Rock

question 121

Multiple Choice

For which of the following descriptions would you identify a rock as a fallen meteorite?

• A) basalt rock full of hollow spaces, shiny and dark colored, with fine details on its surface
• B) rock containing large, transparent crystals of common salt embedded in sandstone
• C) layered rock consisting mainly of limestone
• D) irregular and very heavy solid iron rock with a distinctive crystal structure throughout its interior

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Definitions:

Other Comprehensive Income

A component of shareholders' equity, consisting of income that is not realized and hence not included in the net income (loss), such as unrealized gains or losses on available-for-sale securities.

GAAP

Generally Accepted Accounting Principles, which are a set of rules and standards for financial reporting used in the United States.

Amortized Cost

The progressive reduction of a debt or the cost of an intangible asset over a specified time period.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used globally to prepare public company financial statements.