Use the chart provided below to determine the impact if a company forgets to include $3,500 of inventory that was shipped FOB shipping point on December 25, 2013 but was still in transit at year end. The purchase invoice was processed in fiscal 2014.
Definitions:
Reality Principle
A psychoanalytic concept that represents the ability of the mind to assess the external world and act upon it accordingly, as opposed to relying on the pleasure principle.
Classical Freudian
Refers to the psychological theories and therapeutic methods developed by Sigmund Freud that emphasize unconscious motives and conflicts as the roots of human behavior.
Object Relations
A theory in psychology that examines the way individuals relate to others and situations in their environment, primarily based on early life experiences.
Cognitive
Pertaining to mental processes such as perception, memory, judgment, and reasoning.
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