Define inductive reasoning and deductive reasoning

Assignment Help Accounting Basics
Reference no: EM13115400

1. In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.

2. What is the purpose of estimation? Discuss advantages and disadvantages of relying on estimation. Provide an example of estimation used in your daily life.

Reference no: EM13115400

Questions Cloud

What is the concentration of the unknown sulfuric acid soln : A 15.00 mL sample of unknown concentration of sulfuric acid is precititated with excess lead(II) nitrate and a precipitate of lead(II) sulfate is collected.
Determining corporation and partnership : Calculate the tax disadvantage to organizing a U. S. business today, after passage of the Jobs and Growth Tax Relief Reconciliation Act of 2003, as a corporation versus a partnership under the following conditions.
What is the mass of the second isotope : The atomic weight of a newly discovered element is 98.225 amu. It has two naturally occuring isotopes. One isotope has a mass of 96.780 amu.
What type of feedback loop : A client was admitted to the hospital with hypertension. The development of arteriosclerosis associated with hypertension has further increased resistance to blood flow, worsening his hypertension. This is an example of what type of feedback loop?..
Define inductive reasoning and deductive reasoning : In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
Balance sheet preparation and format : Balance sheet format:  Selected financial statement information and additional data for Johnston Enterprises is presented below.  Prepare a statement of cash flows for the year ending December 31,2010,
What is homeostasis : In your own words, what is homeostasis? Explain completely. What happens when homeostasis is not maintained?
Effects of stock dividend and stock split : Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and book value per share. Use the following column headings: Before Action, After Stock Dividend, and After Stock Sp..
Determine the number of moles of gas : A rigid tank contains 1.50 moles of an ideal gas. Determine the number of moles of gas that nust be withdrawn from the tank to lower the pressure of gas from 25atm to 35 atm.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Analyzing and journalizing payroll transactions

Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of 1 and 1/2 times for hours over 40 in a work week.

  Incremental analysis-revenues-costs-net income

Ming Company is considering two alternatives. Alternative A will have sales of $150,000 and costs of $100,000. Alternative B will have sales of $180,000 and costs of $120,000.

  Determining trasfer price

Better home products Canadian operations are organized into two divisions: west and east. west division sells a component that could be used by east division in making one of the company's principal products.

  Walgreens accounting policies

Explain the meaning of the increase or decrease in the LIFO reserve during the 2010. What does this tell you about inventory costs for the company? Are they rising or falling? Explain.

  Journal entries for bond issuance-interest and amortization

Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.

  Multiple choice questions

Accounting basics Multiple choice questions.  Make your selection by recording the letter in the answer box provided.

  Discretionary and committed fixed costs

Distinguish between discretionary and committed fixed costs.

  Journal entries for bond issuance-interest-amortization

Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.

  Journal entries-common stock reacquired

Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.

  Accounting principles

Juan's Taco Corporation has restauraunts in five college towns. Juan wants to expand into Austin and College Station and needs a bank loan to do this. Mr. Bryan, the banker,.

  Sufficient understanding and reliable evidence

Auditors should understand the five components of internal control that are sufficient to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and to design the nature, timing, and extent of further ..

  Cpa responsibility

Molly, a CPA in public practice is on the board of directors of a local bank. One of Molly's clients has a $100,000 ninety day loan from the bank. Molly, while preparing the clients tax return finds that the client's revenues from their business i..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd