Screening Out Information That Is Contrary to Our Values and Assumptions

question 145

Multiple Choice

Screening out information that is contrary to our values and assumptions is called:

• A)confirmation bias
• B)selective attention
• C)screening bias
• D)value-affirmation
• E)None of the above is correct

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Definitions:

Cost Of Goods Sold

An accounting term referring to the direct costs attributable to the production of the goods sold by a company.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, becoming the next period's beginning inventory.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, such as monthly or annually, rather than continuously.

FIFO

"First In, First Out," an inventory valuation method assuming that the oldest items in inventory are sold or used first.