Flounders Co

question 105

Multiple Choice

Flounders Co. has an average collection period of 60 days. Total credit sales for the year were $9,855,000. What is the balance in accounts receivable at year-end?

• A) $ 164,250
• B) $328,500
• C) $1,620,000
• D) $1,642,500

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Definitions:

Fundamental Attribution Error

The tendency to overestimate the influence of personality and underestimate the influence of situational factors in explaining other people's behavior.

Focus-of-Attention Bias

The tendency to pay more attention to certain stimuli or aspects of the environment over others, often affecting judgments and decisions.

Schema-Irrelevant

Information or stimuli that do not fit into an existing cognitive schema or framework, often requiring new schema to be developed or old ones to be modified.

Situational Attribution

A decision by an observer to attribute a behavior to environmental forces facing the person who performed it rather than to that person’s internal state. See also Dispositional attribution.