The Practice of Recording Economic Activity When Realized Is Known

question 70

True/False

The practice of recording economic activity when realized is known as accrual accounting.

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Definitions:

Effort Justification

Effort justification is a concept in social psychology that explains the tendency of individuals to attribute a greater value to an outcome they had to put effort into achieving, compared to an easily attained outcome.

Confirmation Bias

Confirmation bias is the tendency to search for, interpret, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.

Transference

In psychotherapy, the process by which patients project feelings about important people in their lives onto the therapist.

Systematic Desensitization

A therapeutic method aimed at assisting individuals in overcoming fears and anxiety disorders by progressively exposing them to the object or situation they fear in a regulated way.