Matching ​Match Each of the Following Situations with the Stage of of the Rational

question 83

Multiple Choice

Matching
​Match each of the following situations with the stage of the rational approach to decision making it most clearly illustrates.
-​devise a contingency plan

• A)​Bob looks up business school rankings to determine which schools would consider his GPA and GMAT score competitive.
• B)​Bob decides which business schools he'd like to attend.
• C)If all of the business schools he applies to reject him, Bob will try to raise his GMAT score and apply again next year.
• D)​Bob completes and sends out applications to the business schools he'd like to attend.
• E)​Bob wants to go to a good business school.
• F)After determining which high-quality schools he has a reasonable shot of getting into, Bob uses a combination of factors -- price, location, and teacher ratings -- to compare them.

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Definitions:

Prepaid Rent

An expense recorded before it is actually paid, representing rent payments made in advance of the period to which they relate.

Adjusting Entries

Final journal recordings at the close of an accounting spell to assign revenues and expenditures to the factual period of occurrence.

Supplies

Materials and goods used in the operation of a business, often consumable and regularly replaced.

Prepaid Insurance

An asset account that represents insurance payments made in advance for coverage that extends over a future period.