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Fourteen-year-old Myles is certain he will be a professional baseball player.When his mother makes him stay home from practice because he has strep throat,Myles says,"You are ruining my life! You have no idea how hard it is to miss out on something you love to do!" Myles is experiencing a cognitive distortion known as __________.
Prepaid Expense
Expenses paid in advance by a company for services or goods to be received in the future, considered an asset on the balance sheet until used or consumed.
Ending Inventory
The last recorded value of inventory held by a business at the end of its financial reporting period.
Accrued Expenses
These are expenses that have been incurred but not yet paid for, reflecting costs for goods or services received but for which an invoice has not been received or payment made.
Reported Net Income
The final profit figure disclosed in a company's income statement, after accounting for all revenues, expenses, taxes, and extra-items.
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