Traps in Thinking That Can Lead to Mistaken Conclusions Are

question 62

Multiple Choice

Traps in thinking that can lead to mistaken conclusions are called

• A)confirmation biases.
• B)experiential thought patterns.
• C)logical fallacies.
• D)systematic information biases.

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Definitions:

Cash Short

A situation where the actual cash on hand is less than the expected amount, usually identified during cash reconciliation.

Journal Entry

An entry made in a journal that records a specific financial transaction, including amounts, accounts affected, and a description.

Control Procedures

These are policies and practices that organizations put in place to ensure the integrity of their financial and accounting information and to prevent fraud.

Reasonable Assurance

A level of confidence in the accuracy or reliability of a process, often used in context with financial controls and auditing.