Why Are Paradigms Used Instead of Theories

question 74

Multiple Choice

Why are paradigms used instead of theories?

• A)Because a paradigm is broader than a single theory and may encompass many theories
• B)Because a paradigm is more specific and accurate than a theory
• C)A paradigm is really the same as a theory.
• D)Because a paradigm is simpler than a theory

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Definitions:

Posting

The act of recording financial transactions in the appropriate ledger accounts as part of the accounting process.

Analyzing Business Transactions

The process of reviewing, categorizing, and interpreting the financial activities within a business to understand their impact on the financial statements.

Preparing Closing Entries

The procedure of transferring all income statement balances to permanent accounts at the end of an accounting period to prepare for the next period.

Fiscal Year

A one-year period that companies use for financial reporting and budgeting, which does not necessarily align with the calendar year.