What Is the Preapproach

question 1

Short Answer

What is the preapproach?

Differentiate between temporary and permanent accounts.

Apply journal entries to close various types of accounts, including revenue, expense, and withdrawal accounts.

Discern the effects of errors in closing entries on financial statements.

Assess the financial outcome (net income or net loss) through closing entries.

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Definitions:

Financial Reinforcement

Using monetary rewards or penalties to influence behavior in an organization or system.

Nonfinancial Reinforcement

Motivational strategies that do not involve monetary rewards but rather recognition, feedback, and opportunities for growth.

Social Reinforcement

Using positive or negative social cues, like approval or disapproval, to influence and modify behavior.

Law of Effect

A principle stating that behaviors followed by positive outcomes are likely to be repeated, whereas behaviors followed by negative outcomes are not.