Match the Terms That Follow with the Correct Definitions

question 35

Multiple Choice

Match the terms that follow with the correct definitions.
-The debit to Income Summary represents the total

• A)Interim statements
• B)Closing entries
• C)Expenses
• D)Real or permanent accounts
• E)Drawing account
• F)Income Summary
• G)Post-closing trial balance
• H)Accounting cycle
• I)Expense and revenue
• J)Temporary-equity accounts

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Definitions:

Decision-making Model

A conceptual framework that outlines the process of making choices by identifying options, evaluating them, and selecting a course of action.

Complete Rationality

The assumption that we take into account every single criterion or possible alternative to make a decision.

Bounded Rationality

The idea that we are restricted by a variety of constraints when making decisions.

Bounded Rationality

A concept that decision-makers are limited by the information they have, their cognitive limitations, and the finite amount of time they have to make a decision.