The "Magic Number" Refers to the Average Amount of Information

question 43

Multiple Choice

The "magic number" refers to the average amount of information we can hold in our ________.

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

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, preparing the books for the next accounting period.

Adjusting Entries

Entries in the books of accounts made during the final part of an accounting cycle to distribute profits and costs to their rightful period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Adjusting Entries

Records entered into accounting logs at the close of an accounting period to assign earnings and expenses to the period they truly happened.