When There Is No Objective Standard, We Often Turn to Others

question 347

Multiple Choice

When there is no objective standard, we often turn to others in an effort to evaluate our actions, feelings, or abilities. This is known as

• A)social exchange.
• B)social comparison.
• C)cognitive dissonance.
• D)compliance.

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Definitions:

Ordinary Annuity

An Ordinary Annuity is a series of equal payments made at the end of consecutive periods over a fixed length of time.

Accounting Principle

Fundamental concepts or guidelines that govern the field of accounting and instruct how financial transactions should be recorded and reported.

Accounting Estimate

An approximation of a financial amount in the absence of precise data or measurements.

Reporting Entity

A business or organization that is required to prepare financial statements.