In Addition to the Tasks of Recording and Classifying Accounting

question 290

True/False

In addition to the tasks of recording and classifying accounting information, the best accounting software programs currently available for small businesses have the ability to make financial decisions, thus eliminating the need for owners of small businesses to consult with accountants or understand accounting terminology.

Prepare and understand the income statement and statement of stockholders' equity.

Calculate total operating expenses.

Understand the impact of inventory transactions on the accounting equation.

Record transactions related to purchases and sales, utilizing the gross method for sales discounts.

---

Definitions:

Primary Emotions

Basic human feelings that arise naturally in response to specific stimuli, and are universally recognized, such as happiness, sadness, fear, and anger.

Self-Conscious Emotions

Emotions that involve a reflection on the self, such as shame, guilt, pride, and embarrassment.

Inhibited Temperament

A personality trait often seen in children who are characteristically shy, fearful, and cautious in new situations or with unfamiliar people.

Biological Influences

Factors deriving from genetics and physiological processes that affect an individual's behavior, development, and health.