A Member of the New Administration Argues That We Should

question 197

Multiple Choice

A member of the new administration argues that we should just accept the fact that some people are genetically better than others and treat them accordingly. This politician is guilty of

• A) genetic determinism
• B) social Darwinism
• C) empiricism
• D) behavioural thinking
• E) adaptation errors

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Definitions:

Closing

The process of finalizing accounting records at the end of an accounting period, including updating accounts and preparing financial statements.

Adjustments

Entries made in accounting records to correct errors or allocate revenues and expenses to the appropriate accounting period.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, representing wear and tear, obsolescence, or a decline in value.

Utilities Payable

A liability account recording amounts owed for utilities such as electricity, water, and gas that have been consumed but not yet paid for.