Benjamin, a Student, Sits at the Back of the Classroom

question 130

Multiple Choice

Benjamin, a student, sits at the back of the classroom. Only few children in the class know his name. He does not have any best friends, but he is not disliked by his classmates. Which of the following is Benjamin's probable peer status?

• A) popular
• B) neglected
• C) rejected
• D) controversial

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Definitions:

Correcting Entry

A journal entry made to amend an error in the financial statements.

Closing Entry

Entries recorded at the conclusion of an accounting period for the purpose of shifting balances from temporary accounts to permanent ones.

Balance Sheet Account

An account displayed on the balance sheet, which includes assets, liabilities, and equity accounts, representing a snapshot of a company's financial position at a specific point in time.

Accounting Cycle

The collective process of recording and processing the accounting events of a company, from the initial transaction to the preparation of financial statements.