What discomfort occurs when there is inconsistency between a person’s beliefs, attitudes, or behaviors?
What will be an ideal response?
Cognitive dissonance
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Payment is made for an electric bill which was received and recorded earlier. For this transaction, identify the effect on the accounting equation
a. Assets increase and liabilities increase. b. Assets increase and stockholders' equity increases. c. Liabilities increase and stockholders' equity decreases. d. Liabilities decrease and assets decrease.
A gain or loss that qualifies for extraordinary treatment on the income statement must have which of the following qualities? I. Unusual in Nature II. Discontinued Segment III. Infrequent in Occurrence IV. Nonoperating in Nature V. Never Occurred
a. I and V b. III and IV c. I and III d. I, II, and III
In virtual shopping, the consumer can use the simulation to view (on a screen) shelves stocked with any kind of product
Indicate whether the statement is true or false
Which of the following is the SEC authorized by Congress to do? I. Monitor the standard-setting process of the FASB II. Set accounting standards III. Investigate and punish cases of deceptive financial reporting
a. Only III b. I and III c. I and II d. I, II, and III