1. While conducting an audit for ABC Corp, Nela is told that cash sales are...
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Accounting
1. While conducting an audit for ABC Corp, Nela is told that cash sales are recorded as "Completed Sales." She incorrectly assumes that credit card sales are not Completed Sales. What causes this?
Select an answer:
misinformation
interpretation
disinformation
2. Devon is buying a delivery van that he hopes will last 10 years. The dealer's website states that the vans have an average life of 15 years. Should Devon rely on this average in making his decision?
Select an answer:
It depends on how much he trusts the dealer to provide good information instead of disinformation.
Yes, the average is a piece of quantitative data that will always be the most accurate.
No, an average is not always the most accurate way to determine vehicle life.
3. What is the availability heuristic?
Select an answer:
the tendency to place importance on available data while ignoring the fact that there might be other data available
the tendency to understate the importance of available data in hopes that other data can lead to better conclusions
the tendency to avoid drawing any conclusions until all relevant data becomes available
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