Often We Hear Only Part of a Story, but We

question 13

Multiple Choice

Often we hear only part of a story, but we fill in more details when we pass the story to others. This aspect of the organization stage of perception is called

• A) deduction.
• B) background.
• C) closure.
• D) disclosure.

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Definitions:

Ledger Entries

Records of financial transactions within a company’s general ledger, detailing accounts affected and the amounts for each transaction.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the books for the next period.

Adjusted Trial Balance

A list of all the accounts and their balances after adjusting entries are made, used for preparing financial statements.

Revenue Accounts

Accounts used in accounting to record the company's income from its operations or activities.