Because the Football Game Was Interrupted by a Long Half-Time,5-Year-Old

question 58

Multiple Choice

Because the football game was interrupted by a long half-time,5-year-old Mark mistakenly concluded that the first and second halves of play were two different games.His experience best illustrates the organizational principle of

• A) continuity.
• B) proximity.
• C) interposition.
• D) closure.

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Definitions:

Closing Entry

An accounting procedure used to transfer balances from temporary accounts to permanent ones at the end of an accounting period, thereby preparing the temporary accounts for the next period.

Income or Loss

The financial result of an organization's operations over a specific period, calculated as revenue minus expenses, indicating profitability or a deficit.

Financial Statements

Reports detailing the financial performance, position, and cash flows of a business over a specific period.

Current Asset

Resources anticipated to be turned into cash, disposed of, or used up within a period of one year or the duration of the business's operational cycle, depending on which timeframe extends further.