Accounting Costs Include Explicit and Implicit Costs

question 99

True/False

Accounting costs include explicit and implicit costs.

Recognize the differences between short-term, long-term, procedural, and declarative memory.

Understand the impact of encoding strategies on memory retention and retrieval.

Recognize the difference between explicit and implicit memory.

Identify factors that influence memory retention, including the spacing effect and repetition priming.

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Definitions:

Double-Entry

An accounting principle where every transaction is entered twice, as a debit in one account and a credit in another, to keep the accounting equation balanced.

Accounting Equation

The fundamental principle of accounting that represents the relationship between assets, liabilities, and owner's equity: Assets = Liabilities + Owner's Equity.

Journal Entry

A record in the books of accounts that represents a business transaction, including information like date, accounts affected, and amounts.

Net Income

The total earnings of a company, calculated as revenue minus expenses, taxes, and costs.