What System of Memory Has the Longest Duration

question 189

Multiple Choice

What system of memory has the longest duration?

• A) iconic memory
• B) long-term memory
• C) sensory memory
• D) short-term memory

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Definitions:

External Transactions

Financial transactions between a business and an outside party, which can include buying from or selling to another company.

Retained Earnings

The portion of net income that is not distributed to shareholders as dividends, but rather kept by the company for reinvestment in its operations or to pay debt.

Closing Process

The accounting procedures used to close out business accounts at the end of an accounting period.

Income Summary Account

A temporary ledger account used during the closing process that accumulates revenues and expenses before transferring the net amount to the capital or retained earnings account.