Given the Data Below for a Firm in Its First

question 179

Multiple Choice

Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. $$\begin{array} { l r } \text { Revenue earned } & \$ 16,000 \\\text { Accounts receivable } & 3,000 \\\text { Expenses incurred } & 7,250 \\\text { Accounts payable (related to expenses) } & 750 \\\text { Supplies purchased with cash } & 1,800\end{array}$$

• A) $6,500
• B) $11,000
• C) $4,700
• D) $6,950

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Definitions:

Embodied Cognition

An approach to the study of cognition asserting that cognition is shaped and constrained by the context of the body of the organism experiencing the processing.

Evolutionary Approach

A perspective in psychology that interprets human behaviors and mental processes as adaptations that have evolved to increase survival and reproduction.

Mental Representations

Internal cognitive symbols that represent external reality or abstract concepts, enabling thinking and problem-solving.

Ecological Approach

An Ecological Approach examines individuals in the context of their environment, emphasizing the interaction between people and their surroundings.