Absentminded Behavior Is Especially Likely to Occur

question 64

Multiple Choice

Absentminded behavior is especially likely to occur

• A) when you must remember to do something that is not part of your customary routine.
• B) when you are in an unfamiliar setting.
• C) when you are trying to performing a task especially carefully.
• D) when you are performing a retrospective-memory task.

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Definitions:

Periodic Inventory

An inventory accounting system where inventory and cost of goods sold are determined at the end of an accounting period based on a physical count.

Defaulted Note

A note or loan for which the borrower has failed to make the agreed-upon payments by the due date.

Account

An accounting device used in bookkeeping to record increases and decreases of business transactions relating to individual assets, liabilities, capital, withdrawals, revenue, expenses, and so on.

Discounting Note Receivable

The process of reducing the value of a note receivable to reflect its current worth by applying an interest rate.