Critical Thinking and Judgment Skills Are Not Necessary for Accountants

question 92

True/False

Critical thinking and judgment skills are not necessary for accountants because technology has made the activities routine.

Define culture in broad terms as a way of life and its impact on worldview.

Recognize the elements of symbolic culture and their importance.

Understand how norms, values, and sanctions function within a society.

Understand the concepts of norms including folkways, mores, taboos, and their roles in shaping behavior within societies.

---

Definitions:

Fair Value

The price that would be received for selling an asset or paid for transferring a liability in an orderly transaction between market participants at the measurement date.

Non-interest Bearing Notes

A type of debt instrument that does not accrue interest over time, requiring the borrower to repay only the principal amount.

Historical Cost

The original monetary value of an asset or investment, not adjusted for inflation or changes in market value.

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return, used in discounting and investment appraisal.