________ Change Is Made in Response to Arising Problems or Opportunities.BP's

question 60

Multiple Choice

________ change is made in response to arising problems or opportunities.BP's response to an explosion on a drilling platform in the Gulf of Mexico is an example of this kind of change.

• A)radical
• B)incremental
• C)proactive
• D)reactive
• E)process

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Definitions:

Inventories

Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Carrying Amount

The amount at which an asset or liability is recognised after deducting any accumulated depreciation (amortisation), accumulated impairment losses and allowances thereon.

Fair Value

An estimate of the price at which an asset or liability could be exchanged in an orderly transaction between knowledgeable, willing parties in an arm's length transaction.

Technical Services

Specialist assistance provided by a business or individual in areas such as IT, engineering, or scientific research.