_____ Results from the Tendency to Have an Incorrect View

question 71

Multiple Choice

_____ results from the tendency to have an incorrect view because of a bad experience with a single event or episode.

• A)Prior hypothesis
• B)Dialectical inquiry
• C)Escalating commitment
• D)Representativeness bias
• E)The illusion of control

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Definitions:

End-of-period Spreadsheet

A financial report or document summarizing the accounting data and transactions at the close of an accounting period, often used for preparing financial statements.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, clearing the temporary accounts for the next period.

Pre-closing Trial Balance

A listing of all active ledger accounts and their balances after adjusting entries are made but before closing entries, to verify the equality of debits and credits.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.