Because the Knowledge That We Are Mortal and That Bad

question 193

Multiple Choice

Because the knowledge that we are mortal and that bad things can happen to us is very difficult to accept, we often make __________ attributions.

• A) fundamental
• B) defensive
• C) egoistic
• D) internal

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Definitions:

Accrued Salaries

Salaries that have been incurred but not yet paid, representing a liability for the company.

Closing Entries

Entries recorded at the close of an accounting period to move balances from temporary to permanent accounts.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements and ensure the ledger accounts are balanced.

Current Assets

Assets that a company expects to convert to cash or use up within one year or the operating cycle, whichever is longer.