Critical Thinking

Deductive Reasoning
Deductive reasoning is a logical method of coming to a conclusion by deducing from established facts what actions to take or what assertions to accept.
Post Hoc Ergo Propter Hoc Fallacy
The Post Hoc Ergo Propter Hoc Fallacy, which translates to 'after this, therefore because of this,' is a logical misstep that incorrectly connects sequential events, assuming that if one event follows another, the first event must be the cause of the second. This type of fallacious reasoning can lead to incorrect conclusions, such as attributing a falling birth rate to a prior reduction in the population of storks.
Thinking Outside the Box
Thinking outside the box refers to creatively thinking that is not restrained by conventional or traditional boundaries. It encourages innovative problem-solving approaches.
Thinking Outside the Box
Thinking outside the box refers to breaking away from traditional or conventional thought processes to develop unique and superior solutions to difficult problems.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.