Which Accounts Are Closed at the End of the Accounting

question 174

Essay

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

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Definitions:

Structuralism

An approach in psychology that analyzes the basic elements of thoughts and sensations to understand the structure of the mind.

Wilhelm Wundt

Often regarded as the father of psychology, he established the first psychology laboratory at the University of Leipzig, marking the formal beginning of the study of psychology as a separate discipline.

Structuralism

A method of interpretation and analysis of aspects of human cognition, behavior, culture, and experience that focuses on relationships of contrast between elements in a conceptual system.

Functionalism

A theory in psychology that focused on how mental and behavioral processes function - how they enable the organism to adapt, survive, and flourish.