Amy Reads a Research Article and Feels Like It Didn't

question 9

Multiple Choice

Amy reads a research article and feels like it didn't tell her anything that she didn't already know.This scenario illustrates

• A)hindsight bias.
• B)foresight bias.
• C)confirmation bias.
• D)correspondence bias.

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Definitions:

Closing Entries

The journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Adjusting Entries

Accounting entries recorded at the conclusion of a financial period to properly assign income and expenses to the period they truly relate to.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the accounts for the next period.

Journalized

Refers to the act of recording financial transactions in the company's journal as part of the accounting process.