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Cognitive schemas allow for easy,fast processing of information about people,events,or groups that are related in some way.However,when we make generalizations about these
People,events,or groups,we are using
Expense
Outflows or other using up of assets or incurrence of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.
Liability
A company's legal financial debts or obligations that arise during the course of business operations.
Revenue
The total income generated by a company from its business activities, including sales of goods or services before any expenses are deducted.
Asset
An economic resource owned or controlled by an individual or company, expected to provide future benefits.
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