A(n) ________ Is an Abstraction of Reality, a Simplified Representation

question 98

Multiple Choice

A(n) ________ is an abstraction of reality, a simplified representation of some real-world phenomenon.

• A) model
• B) input
• C) process
• D) outcome
• E) objective

Know the importance and process of including goods in transit in ending inventory depending on shipping terms.

Recognize accounting treatments for non-operational income and expenses on the income statement.

Understand the role of sales tax in sales transactions and its recording.

Grasp the concept of the balance sheet presentation formats and their components.

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Definitions:

Systemic Discrimination

A form of discrimination that is embedded in the policies, practices, and procedures of organizations or systems, leading to unequal opportunities or outcomes for certain groups.

Fatalistic Belief

The belief that all events are predetermined and therefore inevitable, often leading to a resignation to one's fate.

Culture of Poverty

A fatalistic belief system held by the poor as an adaptation to systemic discrimination.

Perspective

An attitude towards or a way of regarding something; a point of view influenced by one's beliefs, experiences, or culture.