Bill Smith Is on Assignment for His First Audit, When

question 65

Multiple Choice

Bill Smith is on assignment for his first audit, when he runs into an accounting practice he's never dealt with before. Rather than asking a more experienced colleague for advice, Bill decides he knows enough to handle it. After all, he passed the CPA exam, didn't he? Bill is exhibiting ________.

• A) arrogance bias
• B) overconfidence bias
• C) anchoring bias
• D) poor judgment

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Definitions:

African Slaves

Individuals from Africa who were forcibly taken and transported to various parts of the world, especially the Americas, to work under slavery from the 16th to the 19th century.

Cartier

A French luxury goods conglomerate, primarily known for its jewelry and watches.

Precious Metals

Rare, naturally occurring metallic elements of high economic value, such as gold, silver, and platinum, often used for currency, jewelry, and as an investment.

Religious Dissidents

Individuals or groups who disagree with and challenge established religious doctrines or practices.