Folkways, Laws, and Mores Are Three Types of

question 2

Multiple Choice

Folkways, laws, and mores are three types of

• A)sanctions.
• B)norms.
• C)values.
• D)master statuses.

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Definitions:

Real Accounts

Accounts that represent assets, liabilities, and equity, remaining open to accumulate financial information over several periods.

Liabilities

Financial obligations or debts that an entity owes to others, which are expected to be settled over time through the transfer of economic benefits.

Accumulated Depreciation

Accumulated depreciation represents the total amount of depreciation expense that has been recorded against a fixed asset since it was acquired and put into use.

Retained Earnings

The amount of net income left over for a business after it has paid out dividends to its shareholders.