A Primary Group Is a Small Group That Is

question 27

Multiple Choice

A primary group is a small group that is

• A)characterized by impersonality,with little intimacy or mutual understanding.
• B)characterized by intimate,face-to-face association and cooperation.
• C)used as a standard for evaluating oneself and one's behavior.
• D)characterized by impersonality and face-to-face associations.

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Definitions:

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Entry

An accounting action that transfers the balances from temporary accounts to permanent ones at the end of an accounting period.

Owner's Equity

The residual interest in the assets of an enterprise after deducting its liabilities; represents the owner's claims against the company's assets.

Income Summary

An account to which the revenues and expenses are transferred in order to calculate the net income for the period, ultimately transferring to retained earnings.