The Last Four Steps in the Accounting Cycle Include Preparing

question 186

True/False

The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statements, and recording closing and adjusting entries.

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Definitions:

Pygmalion Effect

A psychological phenomenon where higher expectations lead to an increase in performance.

Halo Effects

A cognitive bias where an observer's overall impression of a person, company, brand, or product influences feelings and thoughts about that entity's character or properties.

Performance Appraisal

The assessment of an employee's job performance and productivity, typically for purposes of performance feedback, development, or evaluation.

Projection

A defense mechanism where individuals attribute their own unacceptable thoughts, feelings, and motives to another person.