After Adjusting Journal Entries Are Prepared and Posted,but Before Closing

question 2

Multiple Choice

After adjusting journal entries are prepared and posted,but before closing journal entries are prepared and posted,the balance in retained earnings is equal to

• A)zero.
• B)the difference between total assets and total liabilities.
• C)the amount that is to be reported in the current year's balance sheet.
• D)the amount that was reported on the previous year's balance sheet.

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Definitions:

Self-Effacing Error

The tendency to attribute one’s successes to external factors while blaming oneself for failures, commonly observed in certain cultures.

Signal Detection Error

occurs when an observer incorrectly perceives or fails to perceive a stimulus, leading to false positives or negatives in the detection task.

Self-Serving Error

A common bias in which people take credit for their successes while attributing failures to external factors.

Fundamental Attribution Error

The tendency to overemphasize personality traits and underestimate situational factors when explaining another person's behavior.