If People Consider the Context and Relationships When They Make

question 26

Multiple Choice

If people consider the context and relationships when they make decisions about the application of rules, they are likely to be:

• A) universalist.
• B) particularist.
• C) achievement-oriented.
• D) individualist.

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Definitions:

Nominal Account

Refers to accounts that track revenues, expenses, gains, and losses; these accounts are closed at the end of each accounting period.

Ledger Accounts

These are individual accounts in accounting that record transactions related to a company's assets, liabilities, equity, revenue, and expenses in a double-entry bookkeeping system.

Net Income

Represents the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenues.

Adjusting Entries

Adjusting Entries are journal entries made in accounting records at the end of an accounting period to update accounts for accruals and deferrals not recorded during the period.