When Details from an Event Fit Our ______________ for the Situation

question 134

Short Answer

When details from an event fit our ______________ for the situation, they tend to be easier to recall, although it may be more difficult to recognize or report the specifics.

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Definitions:

Cash Account

A financial account that records cash transactions in and out.

Posting Reference

A code or number used in accounting to indicate the ledger account to which a transaction has been posted.

Journal Entry

A record in the books of accounts that documents a financial transaction, showing the accounts and amounts debited and credited.

Prepaid Insurance

An asset account that represents payments made in advance for insurance coverage, which has not yet expired.