(WGU C168) PHIL 3010 CRITICAL THINKING & LOGIC FINAL EXAM REVIEW Q & A 2024
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Cost accounting
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Cost Accounting
(WGU C168) PHIL 3010 CRITICAL THINKING & LOGIC FINAL EXAM REVIEW Q & A 2024(WGU C168) PHIL 3010 CRITICAL THINKING & LOGIC FINAL EXAM REVIEW Q & A 2024(WGU C168) PHIL 3010 CRITICAL THINKING & LOGIC FINAL EXAM REVIEW Q & A 2024
PHIL 3010 Critical Thinking & Logic Final Exam Review Q & A 2024 1. An accounting firm is auditing a company's financial statements. Which of the following is a critical thinking step they must take? A. Accept the company's records at face value. B. Verify the accuracy of the records against external evidence. C. Focus solely on the numerical data. D. Ignore discrepancies that seem minor. Answer: B. Rationale: Critical thinking in accounting involves not taking information at face value and verifying the accuracy of financial records against independent evidence to ensure reliability. 2. When evaluating the logic behind a financial decision, an acco untant should: A. Rely on intuition rather than data. B. Consider the potential biases that may affect the decision. C. Disregard the ethical implications. D. Focus on short -term gains over long -term sustainability. Answer: B. Rationale: Acc ountants must consider potential biases in financial decision -making to ensure that logic and objectivity prevail, especially when ethical implications are involved. 3. In the context of logic and critical thinking, which of the following is true about fa llacies? A. They strengthen an argument by providing solid evidence. B. They are errors in reasoning that weaken an argument. C. They are preferred in financial analysis for their persuasive power. D. They are irrelevant in the evaluation of financial statements. Answer: B. Rationale: Fallacies are reasoning errors that can significantly weaken an argument, and recognizing them is crucial in critical thinking and logical analysis. 4. A company is considering investing in new technology to improve efficiency. What critical thinking approach should an accountant take? A. Assume the most expensive option is the best. B. Evaluate the return on investment of each option. C. Choose the optio n preferred by the majority. D. Avoid new technologies due to the risks involved. Answer: B. Rationale: An accountant should critically evaluate the potential return on investment for each option to make a logical and financially sound decision. 5. When analyzing a complex financial scenario, it is important for an accountant to: A. Ignore conflicting information to simplify the analysis. B. Only consider information that supports the initial hypothesis. C. Understand the context and seek ou t diverse perspectives. D. Rely on established norms without questioning their current relevance. Answer: C. Rationale: Understanding the context and considering diverse perspectives are essential for a comprehensive analysis of complex financial sce narios. Question: Which of the following best describes critical thinking? A) Accepting information without question B) Evaluating information to make informed decisions C) Ignoring evidence that contradicts your beliefs D) Following instruct ions without analyzing them Answer: B) Evaluating information to make informed decisions Rationale: Critical thinking involves analyzing information objectively to form reasoned judgments. Question: What is the purpose of logical reasoning in accoun ting? A) To complicate decision -making processes B) To simplify financial calculations C) To ensure accuracy and consistency in analysis D) To ignore contradictory evidence Answer: C) To ensure accuracy and consistency in analysis Rationale: Logical reasoning helps accountants make sound decisions based on valid arguments. Question: When faced with a complex financial problem, what is the first step in critical thinking? A) Jumping to conclusions B) Gathering relevant info rmation C) Ignoring conflicting data
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