Perception Is a Cognitive Process by Which We Assess and Make

question 35

Essay

Perception is a cognitive process by which we assess and make sense of our environment, and attributions are a particular kind of perception-the judgments we make about what caused our own or someone else's behavior. Use a situation that managers deal with on a regular basis (such as missed deadlines or employee conflict) to illustrate the three steps involved in the perception process and the attributions that could be made about those involved.

Analyze and prepare cost reconciliation reports.

Understand the FIFO (First-In, First-Out) method in process costing.

Compute equivalent units of production using the FIFO method.

Derive and calculate cost per equivalent unit for materials and conversion costs.

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Definitions:

Fair Value

The estimated market price of an asset or liability, reflecting the amount for which it could be exchanged or settled between knowledgeable, willing parties in an arm's length transaction.

Trading Securities

Financial securities purchased by a company, not intended for long-term investment but rather for making a profit in the near term from their sale or trade.

Unrealized Holding Loss

A decrease in the value of an investment that has not yet been sold for cash.

Income Statement

A financial report that shows a company's revenues, expenses, and net income over a specific period.