An Account Is an Individual Accounting Record of Increases and Decreases

question 152

Multiple Choice

An account is an individual accounting record of increases and decreases in specific

• A) liabilities.
• B) assets.
• C) expenses.
• D) assets liabilities and owner's equity items.

---

Definitions:

Self-Fulfilling Prophecy

A prediction that ensures, by the behavior it generates, that it will come true.

Counterfactual Thinking

The psychological process of imagining alternative outcomes or scenarios that did not actually happen, often starting with "What if..."

Regret

A feeling of sadness, repentance, or disappointment over something that one has done or failed to do.

False Consensus Effect

The cognitive bias to overestimate how much others share one’s beliefs, attitudes, and behaviors.