Match the Terms with the Definitions

question 14

Multiple Choice

Match the terms with the definitions.

-An amount owed to a business by its customers as a result of the sale of goods or services.

• 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:

Out-Group Homogeneity Effect

The Out-Group Homogeneity Effect is a psychological phenomenon where individuals perceive members of an out-group as more similar to each other than they are to members of their in-group.

Fundamental Attribution Error

The tendency for observers to overestimate personality-based explanations for behaviors observed in others while underestimating situational explanations.

Systematic Judgments

Decisions or evaluations made based on a thorough analysis and following a specific method or protocol.

Confirmation Bias

A bias towards identifying, comprehending, selecting, and reminiscing information that supports and validates one's existing beliefs or assumptions.