Observing Is a Fundamental Inquiry Skill That Involves

question 21

Multiple Choice

Observing is a fundamental inquiry skill that involves:

• A) sequencing the characteristics of a set of objects from large to small, short to tall, or in some other systematic way.
• B) identifying what a set of characteristics tell us, for example, wrinkles on a person's face tell us that person is older than someone who does not have wrinkles.
• C) predicting where we will see a particular characteristic again.
• D) identifying characteristics of an object that we can see, feel, touch, hear, and/or taste.

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Definitions:

Debits

Financial transactions representing increases in assets or expenses or decreases in liabilities, equity, and income.

Credits

Entries made in the accounting records to increase liabilities or revenues, or to decrease assets or expenses.

Accounts Payable

Liabilities representing amounts owed by a company to suppliers or creditors for goods and services received.

Prepaid Insurance

An asset account on the balance sheet representing insurance premiums that have been paid in advance and have not yet expired.