Distinguish 'Deductive Reasoning', 'Inductive Reasoning' and 'Opinion

question 33

Essay

Distinguish 'deductive reasoning', 'inductive reasoning' and 'opinion'. What do the terms 'syllogism' and 'generalisation' mean? Give examples of each.

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Definitions:

Net Assets

The residual interest in the assets of an entity after deducting its liabilities, essentially representing the owners' equity.

Balance Sheet Approach

A method of estimating an organization's value based on the assets, liabilities, and equity recorded in its balance sheet.

Allowance for Doubtful Accounts

A contra asset account used to estimate the amount of receivables that may not be collectible.

Accounts Receivable

Due amounts from clients to a company pertaining to goods or services delivered but payment not received.