1-97New Perceptions and Experiences Tend to Be Worked into Our

question 41

Multiple Choice

1-97.New perceptions and experiences tend to be worked into our existing schemas,even if the new information must be distorted to fit them.This process is called

• A)accommodation.
• B)assimilation.
• C)appropriation.
• D)attribution.

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Definitions:

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Debts Of Entity

Financial obligations that a company or individual owes to external parties or creditors.

Monetary Unit Assumption

An accounting principle that assumes money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis.

GAAP

Stands for Generally Accepted Accounting Principles; these are a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements.