Which of the Following Statements Is Not Correct

question 54

Multiple Choice

Which of the following statements is not correct?

• A) The worksheet is the source of data for the general journal entries required to close the temporary accounts.
• B) In the closing process, the balance of the owner's drawing account is transferred to the debit side of the owner's capital account.
• C) In the closing process, the balance of the Purchases account is transferred to the Merchandise Inventory account.
• D) Closing the Revenue accounts is the first step in the closing process.

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Definitions:

Under-reward Inequity

A situation in which an individual perceives that the rewards received are less than the rewards deserved for their efforts, leading to dissatisfaction.

Instrumentality

The belief that performance is directly linked to the attainment of desired outcomes or rewards.

Self-concordance

The degree to which individuals’ goals align with their personal interests and core values, leading to greater motivation and satisfaction.

Benevolents

Individuals who are inclined to perform acts of kindness or charity, often motivated by a genuine desire to help others.