What Are the Defining Characteristics of a Profession and How

question 32

Essay

What are the defining characteristics of a profession and how are those manifested in the profession of psychologist.

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Definitions:

Income Summary

A temporary account used in closing revenue and expense accounts.

Closing Entry

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Financial Statements

Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.

Proprietorship

A business owned by a single individual who is responsible for its assets and liabilities.