If the Balance in Retained Earnings on January 1, 2020

question 45

True/False

If the balance in Retained Earnings on January 1, 2020 was zero, then a credit balance in Retained Earnings on December 31, 2020 (after closing revenue and expense accounts) represents net income for the accounting period providing that no dividends were declared.

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Definitions:

Fixed-Interval

In the context of reinforcement schedules in psychology, it refers to providing reinforcement after a predetermined, constant period of time has passed.

Unconditioned Stimulus

in behavioral psychology, a stimulus that naturally and automatically triggers a response without the need for prior learning.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with an unconditioned stimulus, eventually triggers a conditioned response.

Conditioned Response

A learned response to a previously neutral stimulus that has been repeatedly associated with an unconditioned stimulus.