Identify a True Statement About the Automatic System of Reasoning

question 53

Multiple Choice

Identify a true statement about the automatic system of reasoning and decision making.

• A)It involves processing that is extremely thoughtful.
• B)It involves effortful thinking.
• C)It involves processing that is rapid and associative.
• D)It involves analytical thinking.

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Definitions:

Sales Return

Transactions that involve the returning of sold goods by customers, resulting in a reduction of revenue.

Credits

Credits are accounting entries that increase liabilities or equity accounts, or decrease asset or expense accounts.

Sales Returns And Allowances

Purchase returns and allowances from the seller’s perspective. See Purchase return and Purchase allowance, above.

Multiple-Step Income Statement

An income statement that shows several steps in determining net income.