________ Refers to Whether the Cause of Behavior Is Something

question 62

Multiple Choice

________ refers to whether the cause of behavior is something about the person or something about circumstances;________ refers to whether the cause of the behavior is something that is likely to persist over time or is temporary.

• A) Locus;stability
• B) Intentionality;stability
• C) Stability;locus
• D) Locus;intentionality

Define the terms related to the accounting period, such as fiscal year and natural business year, and their importance in financial reporting.

Comprehend the closing process and its impact on company financial statements.

Appreciate the necessity and execution of adjusting entries for accurate financial reporting.

Identify the concept and implications of the time period assumption in accounting.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was put into use, reducing its book value on the balance sheet.

Asset Turnover

A financial ratio that measures how efficiently a company uses its assets to generate sales, calculated by dividing total revenues by average assets.

Net Sales

The revenue from sales transactions after deducting returns, allowances, and discounts.

Net Income

The total profit of a business after all expenses and taxes have been subtracted from revenue.