Cultures in Which People Prefer to Act as Members of a Group

question 52

Short Answer

Cultures in which people prefer to act as members of a group are ______________.

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Definitions:

Permanent/Temporary

Categories of accounting items: permanent (or real) accounts carry their ending balances into the next accounting period, and temporary (or nominal) accounts are closed at the end of every period.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the appropriate period.

Reversed

Changed to the opposite direction, order, position, or condition, often referring to financial transactions or entries.

Adjusting Entries

Entries made in accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.