Accounting Terminology Listed Below Are Eight Technical Accounting Terms Emphasized in This

question 33

Essay

Accounting terminology
Listed below are eight technical accounting terms emphasized in this chapter: In the space provided for each statement,indicate the accounting term described.
______ a.The generally accepted accounting principle of providing with financial statements any information that users need to interpret those statements properly.
______ b.A trial balance prepared after all closing entries have been posted.This trial balance consists only of accounts for assets,liabilities,and owners' equity.
______ c.Journal entries made at the end of the period for the purpose of closing temporary accounts (revenue,expense,and dividend accounts)and transferring balances to the Retained Earnings account.
______ d.Computer software used for recording transactions,maintaining journals and ledgers,and preparing financial statements.Also includes spreadsheet capabilities for showing the effects of proposed adjusting entries or transactions on the financial statements without actually recording these entries in the accounting records.
______ e.The summary account in the ledger to which revenue and expense accounts are closed at the end of the period.The balance (credit balance for a net income,debit balance for a net loss)is transferred to the Retained Earnings account.
______ f.Financial statements prepared for periods of less than one year (includes monthly and quarterly statements).
______ g.Supplemental disclosures that accompany financial statements.They provide users with various types of information considered necessary for the proper interpretation of the statements.
______ h.A multicolumn schedule showing the relationships among the current account balances (a trial balance),proposed or actual adjusting entries or transactions,and the financial statements that would result if these adjusting entries or transactions were recorded.Used both at the end of the accounting period as an aid to preparing financial statements and for planning purposes.

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Definitions:

Classical Conditioning

A training method where two signals are consistently associated with each other; a reaction initially triggered by the second signal ultimately becomes triggered by just the first signal alone.

Stimulus Generalization

The process by which a conditioned response is triggered by stimuli that are similar but not identical to the original conditioned stimulus.

Learned Helplessness

A condition in which a person suffers from a sense of powerlessness, arising from a traumatic event or persistent failure to succeed, characterized by a lack of initiative, effort, or persistence.

Latent Learning

Learning that occurs without any obvious reinforcement and is not demonstrated until there is an incentive to perform.