Which of the Following Are Uniquely Human Traits

question 51

Multiple Choice

Which of the following are uniquely human traits?

• A)The ability to learn
• B)The ability to count
• C)The ability to imitate
• D)Consciousness
• E)None of the answer options is correct.

Understand the revenue and expense recognition principles.

Identify the components and calculation of the operating cycle.

Realize the impact of cash and accrual transactions on financial statements.

Know the application of generally accepted accounting principles (GAAP) in financial reporting.

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Definitions:

GDP

Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period, used as a broad measure of economic performance.

Absolute Advantage

The ability of a party to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.

Comparative Advantage

The capability of an entity to generate a product or service with a smaller opportunity cost compared to another entity.

Comparative Advantage

The talent of a country or business to create a certain product or service more efficiently, incurring lower opportunity costs than competing entities.