A Person's Frame of Reference

question 2

Multiple Choice

A person's frame of reference:

• A)is not likely to influence a person's perceptions.
• B)is a standard point that serves as a comparison for other points and thus provides meaning.
• C)usually reflects some unusual experience in the person's past.
• D)is a person's basic personality trait that influences how he/she perceives the world.
• E)always matches his/her peer's frame of reference.

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Definitions:

Supplies

Items that are used in the day-to-day operation of a business but do not directly become part of the finished product.

Fees Earned

Income received by a company or professional for services rendered.

Credit

A bookkeeping entry that increases liabilities or equity on the balance sheet or decreases an asset or expense account on the income statement.

Understated

Describes a situation where the amount, value, or importance of something is reported lower than it actually is, potentially affecting financial statements and analysis.