The Specific Identification Method and Monthly Allocation Method Are Methods

question 133

True/False

The specific identification method and monthly allocation method are methods an S corporation may use to allocate its income across short tax years that result from an involuntary S election termination.

Identify the similarities and differences between positive reinforcement and negative reinforcement.

Understand the principles and applications of operant conditioning.

Differentiate between stimulus generalization and discrimination.

Identify and explain the concepts of positive and negative reinforcement.

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Definitions:

Income Summary

An account used in the closing process that summarizes the results of operations by collecting all revenue and expense account balances before determining the net income or loss.

Retained Earnings

The cumulative amount of profits that have been reinvested in the business rather than distributed to shareholders as dividends.

Dividends

Dividends disbursed to members holding shares in a corporation, generally originating from the profits of the business.

Salary Expense Accrual

An accounting practice of recognizing salary expenses incurred in a period that has not yet been paid out in order to accurately reflect the company's liabilities.