William Penn

question 4

Multiple Choice

William Penn

• A) was a man of great wealth who converted to Quakerism.
• B) established a moderately successful but never cosmopolitan colony.
• C) suppressed the local Indians in Pennsylvania with a strong military presence.
• D) never visited Pennsylvania.
• E) used unscrupulous and deceptive advertising to attract settlers.

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Definitions:

Loss Contingency

A potential financial loss that may occur in the future due to a current event, the outcome of which is uncertain and will be resolved when one or more future events occur or fail to occur.

Provision for Loss

An accounting process to allocate anticipated losses from bad debts, depreciation, or other contingencies.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that are becoming the global standard for the preparation of public company financial statements.

Borrowing Costs

Interest and other costs that an entity incurs in connection with the borrowing of funds.