Read the List of Traits Below

question 100

Multiple Choice

Read the list of traits below.Which of these traits is NOT a characteristic of secondary groups?

• A)large size
• B)weak emotional ties
• C)personal orientation
• D)often short-term duration

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Definitions:

Owner's Equity Statements

Financial documents that detail changes in owners’ equity accounts over a specific period due to contributions, withdrawals, and net income or loss.

Income Summary Account

An account used during the closing entry process to transfer the balances of temporary income and expense accounts to permanent accounts, such as retained earnings.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the accounts for the next period.

Revenue Account Balance

The total amount of income generated from sales before any expenses are subtracted.