Under a Periodic Inventory System, Acquisition of Merchandise Is Debited

question 221

Multiple Choice

Under a periodic inventory system, acquisition of merchandise is debited to the

• A) Merchandise Inventory account.
• B) Cost of Goods Sold account.
• C) Purchases account.
• D) Accounts Payable account.

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Definitions:

Halo Effect

The tendency of our general or overall liking for a person to influence our assessment of more specific traits of that person. The halo effect can produce inaccuracy in our ratings of others’ traits and performances.

Complexity-Extremity Effect

The bias where less complex schemas lead to more extreme judgments and evaluations.

Stereotypes

Fixed sets of characteristics that are attributed to all the members of a group; simplistic and rigid perceptions of members of one group that are widely shared by others.

Attribution Error

A cognitive bias that involves misattributing the causes of someone's behavior to their personality, rather than to situational factors.