Consider the Contrast Between Practical Knowledge and Scientific Knowledge

question 37

Essay

Consider the contrast between practical knowledge and scientific knowledge. Describe an activity or social phenomenon of which you have practical knowledge, and then list the steps you might take to develop scientific knowledge of it. Describe how your knowledge might change as you develop this scientific approach to the subject and demonstrate that you understand the difference between the two types of knowledge.

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Definitions:

Dividends Payable

liabilities representing the amount of dividends declared by a company's board but not yet paid to shareholders.

Accounts Payable

Money owed by a company to its creditors for goods and services that have been received but not yet paid for.

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash transactions happen.

Cash Basis

An accounting method where revenues and expenses are recognized when cash is received or paid, rather than when earned or incurred.