What Type of Account Is Increased with a Debit but Is

question 118

Multiple Choice

What type of account is increased with a debit but is a decrease to retained earnings?

• A) Liability
• B) Asset
• C) Revenue
• D) Expense

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Definitions:

Overconfidence

A cognitive bias where an individual's subjective confidence in their judgments is greater than their objective accuracy.

Hindsight Bias

is the tendency to believe, after an event has occurred, that one would have predicted or expected the outcome, often referred to as the "I-knew-it-all-along" effect.

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome.

Illusory Correlations

The perception of a relationship between two variables even when no such relationship exists.