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Aaliyah has grown up sleeping with a fan running in her room since she was an infant. This provides white noise to drown out the television programs being watched by other family members who were still awake. In an effort to save electricity, her mother has started coming into her room and turning her fan off after she thinks Aaliyah is asleep. However, each time Aaliyah wakes up and asks for the fan to be turned back on. Aaliyah is selectively attending to certain kinds of information in her surroundings, which has been linked to the __________ part of the brain.
Closing Process
The procedure in accounting that involves the transfer of all income and expense account balances to the retained earnings to prepare the ledger for the next accounting period.
Real Accounts
Accounts that relate to assets, liabilities, and equity, which are not closed at the end of the accounting period and carry their balances into future periods.
Permanent Accounts
Accounts that carry their balances over into the next accounting period, such as assets, liabilities, and equity accounts.
End-of-period Spreadsheet
A tool used in accounting to compile all financial information before closing the books at the end of a reporting period.
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