Suppose You Only Study Two Hours for Your Next Test

question 31

Multiple Choice

Suppose you only study two hours for your next test. If you understand that means you may not do well on that test and you are willing to accept the lower grade, it means you are taking _________ for your actions.

• A) accountability
• B) answerability
• C) liability
• D) responsibility

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Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and profits over a specific period, providing insight into operational efficiency.

Periodic Inventory System

An accounting approach where inventory and cost of goods sold are calculated at set periods, rather than continuously.

Acquisition of Inventory

The process of obtaining goods or materials for sale or use, either through purchase or production.

Purchases Account

A general ledger account in which the purchases of goods intended for resale are recorded.