Norms Are

question 78

Multiple Choice

Norms are

• A)standards for personal excellence set by people with a high need for achievement.
• B)formalized codes of conduct that govern the behavior of employees in corporate organizations.
• C)ever-changing rules that govern the daily activities of organizations.
• D)unwritten codes of conduct considered important by most members of a group.
• E)laws set down by the government that affect the way nongovernmental organizations function.

---

Definitions:

Prepaid Rent

Payments made in advance for rent, which is recorded as an asset initially and then expensed over the period the payment covers.

Adjusting Journal Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accrual

A method in accounting that recognizes financial events by matching revenues with expenses at the time the transaction occurs, not when payment is made or received.

Supplies Expense

The cost associated with the consumable items used in the operation of a business, such as office supplies or cleaning materials.