In Addition to the Tasks of Recording and Classifying Accounting

question 290

True/False

In addition to the tasks of recording and classifying accounting information, the best accounting software programs currently available for small businesses have the ability to make financial decisions, thus eliminating the need for owners of small businesses to consult with accountants or understand accounting terminology.

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Definitions:

Endowment Effect

The tendency for people to ascribe more value to things merely because they own them.

Ouija Board

A flat board marked with letters, numbers, and other symbols, used to attempt communication with spirits through a movable indicator or planchette.

Reasonably Priced

Items or services offered at a price that is considered fair and affordable.

Endowment Effect

The psychological phenomenon where individuals value an owned object higher than its market value.