Indicate Whether the Following Items Would Appear on the Statement

question 114

Essay

Indicate whether the following items would appear on the statement of financial position (FP), income statement (IS), or retained earnings statement (RE).
1. Advertising expense
2. Accounts receivable
3. Dividends
4. Rent revenue
5. Salaries and wages payable
6. Supplies

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Definitions:

Overgeneralizing

A mental bias characterized by making extensive, general assumptions from one occurrence or bit of data.

Dichotomous Thinking

A cognitive distortion involving seeing things in black and white, or all-or-nothing terms, lacking shades of gray.

Overgeneralization

A cognitive distortion where a person draws broad, generalized conclusions from a single or few incidents, often leading to negative thinking and outcomes.

REBT

Rational Emotive Behavior Therapy, a form of psychotherapy that focuses on identifying and changing irrational beliefs that cause emotional distress.