The First Step in the Accounting Cycle Is Posting Information

question 92

True/False

The first step in the accounting cycle is posting information regarding business transactions into the ledgers.

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Definitions:

Operant Conditioning

A behavioral modification process influenced by rewarding or disciplining actions.

Punisher

A figure or factor that decreases the likelihood of a behavior by applying a negative consequence or removing a positive stimulus.

Smoot-Hawley Tariff

Legislation passed in 1930 in the United States, imposing high tariffs on imported goods, which exacerbated the Great Depression by restricting international trade.

"Forgotten Man"

A term popularized during the 1930s by President Franklin D. Roosevelt to describe those at the bottom of the economic pyramid suffering the most during the Great Depression.