Wally and Shamika Are Out on a Date

question 44

Multiple Choice

Wally and Shamika are out on a date. When Shamika asks where they should go for dinner, Wally says, "My coworkers keep telling me about that new Japanese place downtown, so it must be a great place to eat." Wally's response illustrates the use of a(n)

• A) availability heuristic.
• B) confirmation bias.
• C) conjunction rule.
• D) permission schema.

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Definitions:

Post-Closing Trial Balance

A list of all account balances after the closing entries have been made, ensuring the accuracy of the ledger.

Fees Earned

Revenue recognized by a company for services provided during a specific period, even if not yet received in cash.

Real Account

Permanent accounts in accounting that are not closed at the end of the accounting period, including assets, liabilities, and equity accounts.

Nominal Account

Refers to accounts that track revenues, expenses, gains, and losses; these accounts are closed at the end of each accounting period.