Right Up Until the Time She Walked into the Voting

question 94

True/False

Right up until the time she walked into the voting booth,Brianna had mixed feelings about both candidates. But after she voted, she expressed much more positive sentiments about the candidate she voted for and seemed sharper in her negative comments about the candidate she rejected. This is an example of the self-serving bias.

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Definitions:

Closing Entry

A journal entry made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, essentially resetting the temporary accounts for the new period.

Post-Closing

The final phase in the accounting cycle where accounts are prepared for the start of the next period, following the closing entries are made to reset temporary accounts.

Adjusted Trial Balance

A statement listing all accounts and their balances after adjustments, used to verify the equality of debits and credits before preparing financial statements.

Unadjusted Trial Balance

A preliminary list of all accounts and their balances used in accounting, before any adjustments are made for the closing entries.