In Its First Year of Operations, Grace Company Reports the Following

question 125

Multiple Choice

In its first year of operations, Grace Company reports the following: Earned revenues of $60,000 ($52,000 cash received from customers) ; Incurred expenses of $35,000 ($31,000 cash paid toward them) ; Prepaid $8,000 cash for costs that will not be expensed until next year. Net income under the cash basis of accounting is:

• A)$21,000.
• B)$13,000.
• C)$25,000.
• D)$17,000.
• E)None of the above.

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Definitions:

Trait Perspective

A psychological viewpoint that emphasizes the description and measurement of consistent personality characteristics, or traits, as the primary means of understanding individual differences.

Other Perspectives

Other perspectives involve considering alternative viewpoints or approaches to understanding concepts, problems, or situations.

Temperament

The behavioral characteristics that are fairly well established at birth, such as “easy,” “difficult,” and “slow to warm up”; the enduring characteristics with which each person is born.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, influencing their patterns of thought, feelings, and behaviors.