The Halo Error, Recency Error, and Preferential Treatment Are All

question 93

True/False

The halo error, recency error, and preferential treatment are all recognized rater biases.

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Definitions:

Real Accounts

Accounts related to assets, liabilities, and equity that are shown on the balance sheet, maintaining their balances over time and not closed at the end of the accounting year.

Permanent Accounts

Accounts on the balance sheet whose balances are carried over into the next accounting period.

Post-closing Trial Balance

A list of all company accounts that remain after adjusting entries and closing entries have been made, used to test the balance of debits and credits.

Asset Accounts

Accounts on a balance sheet representing resources owned or controlled by a company with future economic value.