Which of the Following Accurately Describes the Account Type and the Normal

question 92

Multiple Choice

Which of the following accurately describes the account type and the normal balance of the Accumulated Depreciation account?

• A)Contra-expense account, credit balance
• B)Liability account, credit balance
• C)Contra-asset account, credit balance
• D)Expense account, debit balance

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Definitions:

False Uniqueness Effect

The tendency to underestimate the number of other people who share one’s most prized characteristics and abilities.

Theory Perseverance

The phenomenon where individuals maintain their beliefs even in the face of contradictory evidence, often due to the initial formation of a strong impression or belief.

Social Conformity

The act of adjusting one's behaviors, attitudes, or beliefs to align with group norms, often to fit into a society or group.

False Uniqueness

The erroneous belief that one's abilities, thoughts, or characteristics are more unique or exceptional than they actually are, often underestimating commonality with others.