The Third Step in Recording a Transaction in the General

question 87

Multiple Choice

The third step in recording a transaction in the general journal is to record the:

• A)explanation of the entry.
• B)account(s)to be credited and the amount(s).
• C)date of the entry.
• D)account(s)to be debited and the amount(s).

Distinguish between mental set and functional fixedness, and understand how each affects problem-solving.

Explain the role of heuristics, such as the representativeness and availability heuristics, in influencing judgment.

Recognize the influence of cognitive biases, such as confirmation bias and the fallacy of positive instances, on decision-making and judgment.

Understand the impact of language rules, including syntax and displacement, on communication.

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Definitions:

Common Law

A legal system based on precedent and judicial decisions rather than statutory laws, forming the basis of the legal system in the UK, the US, and other countries.

Case Law

The body of past judicial decisions from courts that guide future rulings on similar legal questions or disputes.

Statutory Law

Law enacted by a legislative body, such as Congress or a state legislature, as opposed to common law or constitutional law.

Supreme Law

Refers to the highest form of law in a country, typically a constitution, that supersedes all other laws and regulations.