The Sales Returns and Allowances Account Is Classified as A(n)

question 122

Multiple Choice

The Sales Returns and Allowances account is classified as a(n)

• A)asset account.
• B)contra asset account.
• C)expense account.
• D)contra revenue account.

Recognize the effects of information overload on decision making.

Identify the stages of the rational decision-making model where specific biases occur.

Define and recognize different cognitive biases, such as not-invented-here bias and anchoring effect.

Understand the concept of satisficing and its role in decision making.

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Definitions:

Abstract

Existing in thought or as an idea but not having a physical or concrete existence.

Concepts

Cognitive units of meaning that are abstract, generalized ideas or categories representing objects, qualities, or relations.

Referents

Objects or concepts in the world that words or phrases stand for or represent in language and thought.

Genus

A term in taxonomy representing a higher classification grouping that consists of similar species.