Which of the Following Statements About the Classical School Is

question 8

Multiple Choice

Which of the following statements about the Classical School is incorrect?

• A) It was primarily composed of a group of moral philosophers
• B) They saw the purpose of punishment as deterrence
• C) They were concerned with law
• D) They used science to focus on behavior

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Definitions:

Liability Account

An account on a company's balance sheet representing debts or obligations that the company owes to others.

Revenue Recognition Principle

An accounting principle that dictates the conditions under which revenue is recognized and recorded, usually when it is earned and realizable.

Cash

Liquid currency and assets readily convertible to cash that are used by businesses to conduct transactions, pay expenses, and provide financial buffers.

Deferrals

Transactions where the recognition of revenue or expenses is postponed to future accounting periods.