Match the Terms with the Definitions

question 12

Multiple Choice

Match the terms with the definitions.

-Consists of the three basic accounting elements: assets = liabilities + owner's equity.

• A) account
• B) accounts payable
• C) accounts receivable
• D) accounting equation
• E) assets
• F) balance sheet
• G) business entity
• H) business entity concept
• I) business transaction
• J) drawing
• K) expenses
• L) income statement
• M) liability
• N) net income
• O) net loss
• P) notes payable
• Q) owner's equity
• R) revenues
• S) statement of owner's equity

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Definitions:

Ingroup/Outgroup Bias

A cognitive bias that causes individuals to view those within their own group more positively than those outside their group.

Just World Hypothesis

The just world hypothesis is the belief that people get what they deserve in life, leading individuals to rationalize injustice or misfortune that befalls others.

Thin Slices

Brief observations of another person's behavior that allow for quick and sometimes accurate judgments about their personality or state.

Personal Attributions

People’s explanations for why events or actions occur that refer to people’s internal characteristics, such as abilities, traits, moods, or efforts.