_____ Are Groups of People We Try to Emulate or Whose

question 31

Multiple Choice

_____ are groups of people we try to emulate or whose approval concerns us.

• A) Approval centers
• B) Emulation groups
• C) Norm standard bearers
• D) Cultural norms
• E) Reference groups

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Definitions:

Cash

Money in the form of currency that is used to conduct transactions.

Reversing Entries

Journal entries that are recorded on the first day of the next period that are the exact opposite of the related adjusting entry from the last day of the prior period.

Adjusting Entries

Accounting records entries documented at the conclusion of an accounting cycle to distribute revenues and expenses to the period they genuinely took place.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts and prepare the company's books for the next period.