Achieved Statuses Are Those That Individuals Work Toward, Whereas Ascribed

question 60

True/False

Achieved statuses are those that individuals work toward, whereas ascribed statuses are those that are assigned to someone.

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Definitions:

Credited

An accounting entry that increases a liability or equity account, or decreases an asset or expense account.

Permanent Accounts

Accounts in the general ledger that are not closed at the end of the accounting period, including asset, liability, and equity accounts.

Closing Entries

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

Revenue

The aggregate revenue from selling goods or services, which constitute a firm's central business functions.