The Closing Entry Process Consists of Closing

question 50

Multiple Choice

The closing entry process consists of closing

• A)all asset and liability accounts.
• B)the Retained Earnings account.
• C)all permanent accounts.
• D)all temporary accounts.

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Definitions:

Joseph Wolpe

A South African psychiatrist known for developing systematic desensitization, a method used to reduce phobias and anxieties.

Anxiety Responses

Physical and psychological reactions that occur in response to perceived threats or stressful situations, including feelings of fear, apprehension, and increased physiological arousal.

Behaviour Therapy

A therapeutic approach that seeks to modify maladaptive behaviors through reinforcement, punishment, and conditioning.

B. F. Skinner

A prominent psychologist renowned for his work in behaviorism, particularly the development of the theory of operant conditioning.