A New Student Observes That in His First Class, the People

question 6

Multiple Choice

A new student observes that in his first class, the people sitting in the back row answer most of the questions, so in the next class he sits with the back row, concluding that this is where the smartest students sit. What is wrong with his reasoning?

• A) He overgeneralized.
• B) He made systematic observations.
• C) He let his own biases affect his conclusions.
• D) He deferred to authority.
• E) None of the above

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Definitions:

Journalize

The process of recording transactions and events in the accounting journals as part of the accounting cycle.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial reporting.

GAAP

The conventional framework of guidelines known as Generally Accepted Accounting Principles is applied for financial accounting within a specific legal territory.

Financial Liabilities

Obligations or debts a company owes to others, which must be paid back, often including loans, bonds payable, and accounts payable.