Statement of Financial Position Accounts Are Considered to Be

question 51

Multiple Choice

Statement of financial position accounts are considered to be

• A) temporary owner's equity accounts.
• B) permanent accounts.
• C) capital accounts.
• D) nominal accounts.

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Definitions:

Long-term Memory

A type of memory responsible for the storage of information over an extended period.

Cognitive Dissonance

A psychological phenomenon involving discomfort felt by an individual when holding conflicting thoughts, beliefs, or attitudes, especially in relation to their actions.

Elaborative Rehearsal

A way of increasing the number of retrieval cues for information by connecting new information with something that is already well known.

Maintenance Rehearsal

A cognitive process involving the repetition of information to keep it in short-term memory for longer periods.