Addressing a Current Problem by Drawing on Previous Experiences with Similar

question 92

Multiple Choice

Addressing a current problem by drawing on previous experiences with similar problems in the past is known as

• A)analogous formulation.
• B)creative formulation.
• C)routine formulation.
• D)problem formulation.
• E)historical formulation.

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Definitions:

Posting

The process of transferring financial information from the journal to the respective accounts in the ledger, a crucial step in the accounting cycle.

Cash Account

A financial account that records cash transactions in and out.

Posting Reference

A code or number used in accounting to indicate the ledger account to which a transaction has been posted.

Journal Entry

A record in the books of accounts that documents a financial transaction, showing the accounts and amounts debited and credited.