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You are talking on your cell phone while driving your younger sister to soccer practice. Because you are distracted, you do not notice that the driver in front of you is slowing down to make a right turn. You hit the car in front of you just as your younger sister screams "Look out!" Despite the fact that your sister's scream did not prevent the collision, you react quickly the next time someone yells "Look out!" What kind of conditioning has occurred here?
Prepaid Expenses
Payments made in advance for goods or services that will be received in the future.
Retained Earnings
The portion of a company's profits that is not distributed to shareholders as dividends but is instead reinvested in the business or held as a reserve.
Closing
The process of finalizing accounts at the end of an accounting period by clearing any balances and summarizing the financial activities.
Revenue Account
An account that records the income generated from a company's primary operations, such as sales of goods or services.
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