In order for researchers to be able to say that variable a causes variable b, they must eliminate the possible influence of <u>"confounding variables."</u>
A confounding variable is an outside impact that progressions the impact of a reliant and autonomous variable. This incidental impact is utilized to impact the result of an exploratory plan. Basically, a confounding variable is an additional variable went into the condition that was not represented. Confounding variables can destroy a test and create futile outcomes. They recommend that there are relationships when there truly are most certainly not. In an examination, the autonomous variable by and large affects the dependent variable.
Answer:
While generally accepted accounting principles do allow flexibility, standards of _objectivity_, _integrity_, and _judgement_ must always prevail in the financial statements
Explanation:
The concept of objectivity is the concept that an organisation's financial statements are based on solid evidence. The purpose behind this principle is to prohibit an entity's management and accounting department from generating financial statements based on their views and prejudices
Integrity is an important cornerstone of the accounting profession. Integrity requires accountants to be honest, candid and straightforward with the financial information provided by a client. Accountants should use confidential information to limit themselves to personal gain or advantage
professional judgment in deciding whether the content of business transactions differs from its nature, in assessing the appropriateness of disclosure, in determining the likely effect of upcoming events.
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Under what circumstances might they change their portfolios, moving their funds out of bonds into bank accounts? In general, people place their funds in those investments which provide them the highest returns.
Answer:
Yes this statement was an error and its effect on financial statements of Woods will be that asset ( equipment in this case) would be overstated and obviously the net income of the company would also increase.
Explanation:
Here Woods accountant has made the error of debiting the cost of $500 on the asset account ( equipment) , which shouldn't have happened as the asset accounts have natural debit balance which means that when an amount is debited to the asset account it will increase the value of the asset.
So therefore here we can say that the asset here is overstated and if the assets are shown overstated it is natural that the income reflected would also be overstated.
