An Abbreviated Version of an Account Which Is Useful for Analyzing

question 48

Multiple Choice

An abbreviated version of an account which is useful for analyzing the effects of business transactions is the

• A) chart of accounts
• B) double entry system
• C) T account
• D) trial balance

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Definitions:

Cognitive Dissonance

The psychological distress felt by someone when they simultaneously hold multiple conflicting beliefs, ideas, or values.

Commitment

The emotional or psychological attachment an individual feels towards a task, goal, or organization, which can influence their willingness to continue effort over time.

Optimism

A mental attitude characterized by hope and confidence in success and positive outcomes.

Escalation of Commitment

A behavioral pattern where an individual or group continues to invest in a decision despite facing negative outcomes, often due to cognitive biases or the desire to avoid loss or admit failure.