Explain the Theory of Cognitive Dissonance

question 9

Essay

Explain the theory of cognitive dissonance. Then create an example that illustrates the theory. Be sure that your example illustrates the phenomena that occur within the confines of the theory.

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Definitions:

Current Liabilities

Short-term financial obligations that are due within one year or within the company's operating cycle, whichever is longer.

Contingent Liability

A potential financial obligation that may occur in the future depending on the outcome of a specific event.

Probable Event

An event that is likely to occur based on current evidence or past experience.

Estimable Amount

A quantifiable sum that can be accurately predicted or approximated in the accounting records.