Javier and Nancy Decide to Drive Five Hours to the Lake

question 202

Multiple Choice

Javier and Nancy decide to drive five hours to the lake for the day.Javier is excited about the trip because he always enjoys going to the lake.Nancy is excited about the trip because she always enjoys long drives.Javier is using _____ reasoning; Nancy is using _____ reasoning.

• A) inductive; deductive
• B) deductive; inductive
• C) deductive; deductive
• D) inductive; inductive

---

Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the financial reporting process.

Double-Entry Accounting

An accounting method that involves making two entries for every transaction, to maintain the balance of the accounting equation.

Debits and Credits

Fundamental elements of double-entry bookkeeping, where debits represent increases in assets or expenses and credits signify increases in liabilities, equity, or income.

Transaction

An agreement or exchange between two or more parties that is recorded and has a financial impact on the business.