The Steps of the Accounting Cycle Are Followed Throughout the Accounting

question 20

True/False

The steps of the accounting cycle are followed throughout the accounting period.

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Definitions:

Security Needs

Part of Maslow's hierarchy, referring to the need for safety and security, including financial stability, health and well-being, and safety against accidents or harm.

Physiological Needs

The basic physical requirements for human survival, such as food, water, shelter, and sleep, which must be met before higher-level needs can be addressed.

Psychological Needs

Basic human motivators related to mental health and well-being, such as belongingness, esteem, and self-actualization.

Esteem Needs

According to Maslow's hierarchy of needs, these are the fourth level of human needs, focusing on the desire for respect, self-esteem, and recognition from others.