The Narrow Belief That There Is One Best Way of Doing

question 92

Multiple Choice

The narrow belief that there is one best way of doing things can be referred to as

• A) patriotism.
• B) divergence.
• C) ethnocentrism.
• D) parochialism.

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Definitions:

Estimated

An approximation or informed guess of a value, amount, or size based on available data or trends but not derived from exact calculations.

Carrying Amount

The net value of an asset or liability recorded on the balance sheet, calculated as the original cost minus any depreciation, amortization, or impairment costs.

Allowance Account

An account used to adjust the carrying value of accounts receivable to the amount expected to be collected.

Contra Account

An account used in conjunction with another account to adjust or offset its balance.