Frank Lost a Contact Lens in the Kitchen; He Is

question 77

Multiple Choice

Frank lost a contact lens in the kitchen; he is searching for it by examining each linoleum tile in turn to see if the lens is contained within the square.Gemma similarly lost a lens in the kitchen; she is looking for it near the base of the fridge and around the stove,the two appliances she remembers using when she was last in the kitchen.Which of these individuals is using an algorithm?

• A)Only Frank is using an algorithm.
• B)Only Gemma is using an algorithm.
• C)Both Frank and Gemma are using algorithms.
• D)Neither Frank nor Gemma is using an algorithm.

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Definitions:

Operating Profits

Income earned from a firm's core business operations, excluding deductions of interest and taxes.

IFRS 8

Refers to the International Financial Reporting Standard dealing with operating segments, requiring particular ways of financial reporting by segment to enhance transparency and comparability.

Reportable Segment Revenues

The revenues generated by each distinguishable segment of a company, as required to be disclosed in financial statements under certain accounting standards.

Revenue Test

An accounting principle used to determine when revenue should be recognized in the financial statements, typically requiring that revenue is earned and measurable.