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Given the following account balances, determine the total Liabilities. Cash $520, Accounts Receivable $280, supplies $300 and Capital $500.
$ ________
Illusory Correlation
The perception of a relationship between two variables when none exists, often leading to confirmation of erroneous beliefs.
Magical Thinking
The belief that one's thoughts, words, or actions can influence the outcome of events in the physical world in a manner not governed by the laws of physics or logic.
Theory Perseverance
The persistence of one's initial beliefs, even in the face of contradicting evidence or after the evidence for their foundation has been discredited.
Availability Heuristic
The availability heuristic is a mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision, often leading to bias.
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