Patrick Likes to "Party" on the Weekends and Was Recently

question 47

Multiple Choice

Patrick likes to "party" on the weekends and was recently charged with driving while intoxicated. He explains his predicament by saying "Everyone does it! I just got caught!" This is an example of​  

• A)denial. 
• B)rationalization. 
• C)displacement. 
• D)projection.

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, highlighting the net profit or loss.

Perpetual Inventory System

An immediate inventory recording technique utilizing computerized point-of-sale systems and enterprise asset management software to document sales or purchases.

Freight In

The cost of transportation or shipping of raw materials or goods into a production facility or warehouse.

Periodic Method

An accounting system where inventory values and cost of goods sold are determined at the end of an accounting period.