After 12 Years of Attending the Same Schools, Holly and Amy

question 263

Multiple Choice

After 12 years of attending the same schools, Holly and Amy chose to attend colleges in different states. Holly remembered Amy as a shy but friendly girl who rarely took risks, and so Holly was surprised when her friend sent an email describing the thrill of sky-diving. Holly's surprise occurred because Amy's behaviours didn't match the ________ that Holly had observed in high school.

• A) external locus of control
• B) personality traits
• C) defence mechanisms
• D) internal locus of control

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Definitions:

Permanent Account Balances

Permanent account balances are those balances in accounts that are carried over into the next accounting period, including assets, liabilities, and equity accounts.

Post-closing Trial Balance

A listing of all permanent accounts and their balances after closing entries have been made, serving as a check to ensure that debits equal credits.

Accounting Period

A specific time frame for which financial information is reported, usually a fiscal year or quarter.

Accounting Cycle

The complete set of accounting procedures from recording transactions to preparing financial statements within a specific period.