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Tests that measure an individual's typical behavior are called
Cash Basis
An accounting method where revenues and expenses are recognized only when cash is received or paid, respectively.
Recorded When Incurred
An accounting principle that stipulates expenses should be recognized in the financial statements in the period they are incurred, regardless of when the cash payments are made.
Adjusting Entries
Journal entries made at the end of an accounting period to update account balances before financial statements are prepared.
Account Balances
The total amount of money in a financial account, calculated by adding all credits and subtracting all debits.
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