____ Are Developed to Provide Explanations of Data or Observations

question 6

Multiple Choice

____ are developed to provide explanations of data or observations.

• A) Scientific methods
• B) Theories
• C) Hypotheses
• D) None of the choices are correct

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Definitions:

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.

Expense Accounts

Accounts used to record the consumption of assets or services that result in a decrease in owner's equity, excluding the withdrawal of business assets by the owner.