The Scientific Method Dictates That Theories Must Be Revised or Elaborated

question 3

Multiple Choice

The scientific method dictates that theories must be revised or elaborated as new observations confirm or refute them.This means that

• A) theories should be modified directly after obtaining one set of disconfirming data.
• B) theories are modified only as the researchers who implement them go on to other research areas.
• C) theories should be modified after a good amount of evidence calls for different predictions than those provided by the original theory.
• D) theories are not useful for fueling new research efforts.

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Definitions:

Residual Value

The estimated value of an asset at the end of its lease term or useful life.

Straight-Line Depreciation

A method of allocating the cost of a tangible asset over its useful life in an even manner.

Fair Value

The amount one would get from selling an asset or the cost to transfer a liability in a smooth transaction among market participants on the date of valuation.

IFRS

A collection of accounting principles formulated by the International Accounting Standards Board (IASB), known as International Financial Reporting Standards, which instruct on how financial statements should be prepared worldwide.