Eldon Has Just Finished His Test and Handed It In He

question 1

Multiple Choice

Eldon has just finished his test and handed it in.As he walks out of the classroom,he realizes that there were a few more things he should have included in the long-answer portion of the test.Eldon's problem is in the memory process of:

• A)encoding.
• B)storage.
• C)retrieval.
• D)retention.

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Definitions:

Credits

Accounting entries that increase liabilities or equity or decrease assets, representing the opposite of debits.

Owner Invests

occurs when the owner of a business contributes assets, commonly in the form of cash or equipment, into the business for its use.

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders, often used for reinvestment.

Revenue

Income generated from normal business operations and includes discounts and deductions for returned merchandise.