The Balance Sheet for Greeley Contracting Shows Assets Totaling $207,000

question 16

Multiple Choice

The balance sheet for Greeley Contracting shows assets totaling $207,000 and liabilities totaling $95,000. Which of the following statements is correct?

• A) Owners' equity equals $182,000.
• B) Current assets are worth $92,000.
• C) Net income for the period is $112,000.
• D) Owners' equity equals $112,000.

---

Definitions:

Self-Serving Bias

A cognitive bias where individuals attribute their successes to internal factors and their failures to external factors.

Negative Wording

Phrasing questions or statements in a survey or test in a way that assumes a negative outcome, which can influence responses.

Loaded Questions

Questions that contain a controversial or unjustified assumption or that compel the respondent towards a particular answer.

Response Sets

Response sets are patterns in survey or test responses that do not directly relate to the content being measured but to some aspect of the measurement process itself.