Match the Following Terms with Their Definitions

question 65

Multiple Choice

Match the following terms with their definitions.
-Assets

• A)Uses a base year
• B)Inventory and prepaid expenses are subtracted
• C)A liability
• D)Net sales ÷ total assets
• E)Actual sale after returns on discounts
• F)Current assets ÷ current liabilities
• G)What we owe creditors
• H)Data placed side by side
• I)Cash, supplies
• J)Obligations due within one year
• K)Cost of goods for resale
• L)Obligations that are not due for at least one year
• M)Total this period is compared by amount of percent to same total last period
• N)Part of stockholders' equity
• O)What customers owe
• P)Dollars not shown
• Q)Paid in advance
• R)Profit
• S)Revenues and expense for a specific period of time
• T)Prepared as of a particular date
• U)Beginning inventory plus new purchases - ending inventory
• V)True cost of purchases
• W)Includes no plant and equipment assets
• X)Sales - cost of goods sold
• Y)Each liability and equity is analyzed as a percent of the total

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Definitions:

Event Schemas

Cognitive structures that help individuals organize and interpret information about sequences of actions that occur in specific situations.

First Instinct Fallacy

The mistaken belief that an individual's first choice or gut reaction is always the correct or best one.

Statistical Regression

A statistical technique that determines the relationship between a dependent variable and one or more independent variables to predict the outcome of the dependent variable.

Errors And Biases

Systematic deviations from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.