Which of the Following Is NOT Part of Critical Thinking

question 3

Multiple Choice

Which of the following is NOT part of critical thinking?

• A) Sorting out conflicting information
• B) Weighing your knowledge about the information
• C) Deciding on a reasonable belief or action
• D) Incorporating personal beliefs

Recognize how prior period adjustments are accounted for and their impact on retained earnings.

Calculate savings given consumption, disposable income, and autonomous consumption.

Understand the effect of changes in the Average Propensity to Save (APS) on total savings.

Analyze historical changes in consumer spending patterns.

---

Definitions:

IFRS

IFRS, or International Financial Reporting Standards, are globally accepted standards for accounting that guide how transactions and other accounting events are reported in financial statements.

Financial Accounting Standards Board

An independent organization that establishes financial accounting and reporting standards in the United States.

U.S. Accounting Standards

The accounting principles, standards, and procedures established by the U.S. Financial Accounting Standards Board (FASB) for domestic companies.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards for financial reporting.