Match the Terms Below with the Correct Definitions

question 57

Multiple Choice

Match the terms below with the correct definitions.
-Steps in the accounting process, completed during the fiscal year

• A)Fiscal year
• B)Trade-in value
• C)Accrued wages
• D)Work sheet
• E)Contra account
• F)Accounting cycle
• G)Mixed accounts
• H)Adjusting
• I)Depreciation

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Definitions:

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Fundamental Attribution Error

The tendency to overemphasize personal characteristics and ignore situational factors in judging others' behaviors.

Self-Serving Bias

The common tendency to attribute one’s successes to personal characteristics and failures to external factors.