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After closing the financial statements for the year, you, the accountant for a medical center have found that an invoice for $1500.25 was not recorded or paid during the year. Shoud you revise the financial statements to reflect the additional expense? why or why not? Which accounting principle does the above transaction represent?
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∙ 14y ago
In psychology, the matching principle refers to the tendency for individuals to select reward options that match their preferred level of effort or investment. For example, people may be more motivated to pursue goals that align with their personal values or strengths. This principle can be seen in decision-making processes, motivation theories, and cognitive biases related to goal pursuit in psychology.
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What school of psychology developed the principle of closure?
The principle of closure was primarily developed within the field of Gestalt psychology. This principle suggests that the mind tends to perceive incomplete figures or forms as complete by filling in gaps.
What are the subfields in psychology?
Some subfields in psychology include cognitive psychology, developmental psychology, clinical psychology, social psychology, and industrial-organizational psychology. Each subfield focuses on different aspects of human behavior and mental processes.
What is peudo psychology?
Pseudo psychology refers to beliefs or practices that are presented as being based on psychological principles, but lack scientific evidence or validity. It often involves using techniques or claims that are not supported by mainstream psychology or research. Examples include astrology, phrenology, and some types of personality assessments.
What is group matching in psychology?
Group matching in psychology refers to a research design technique where participants are matched across different groups based on specific characteristics to control for potential confounding variables. This method helps researchers ensure that the groups being compared are similar on certain factors, reducing the impact of these variables on study results.
List out how the principles of psychology work?
The principle of perception: How individuals interpret and make sense of the world around them. The principle of learning: How behavior changes and adapts through experiences and interactions with the environment. The principle of motivation: The factors that drive and influence behavior and decision-making. The principle of memory: How information is encoded, stored, and retrieved in the brain. The principle of social influence: How individuals are affected by others and societal norms.
The process of recording revenue in the period it is earned is in line with which principle?
Matching Principle.
What is the difference between accrual accounting and matching principle?
Matching principle is the base of accrual accounting system which tells that each revenue earned should be matched with cost spent to earn that revenue so accrual account and matching principle is not different but same thing.
What is the different between accounting principle and accounting principle?
Matching principle is the base of accrual accounting system which tells that each revenue earned should be matched with cost spent to earn that revenue so accrual account and matching principle is not different but same thing.
Importance of matching principle?
accounting matching principals ( costs and revenue ) is very important to show the correct year result.
The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is?
The matching principle
Weaknesses of the direct write-off method is?
Violates the matching principle
What is mathing principle?
Matching principles advocates the matching of all expenses in specific fiscal year with matching reveneus for the same fiscal year.
B What is Matching Principle. Why should a business concern follow this principle?
Matching principle teaches about matching the revenues of one fiscal year with expenses of the same fiscal year. Business concerns are encouraged to use this system because it is more accurate reporting tool as well as information provided in this way is more reasonable for analysis and comparison purpose.
What does the matching principle require?
The matching principle requires that cost of each fiscal year should be matched with revenue of that fiscal year and no previous or future period cost and revenues can be match in current fiscal year.
Intangible assets are capitalized and amortized over periods benefited?
Matching principle
What is the application of the matching principleto depreciation of plant and equipment can best be described as?
What is The application of the matching principle to depreciation of plant and equipment can best be described as?
The matching principle matches?
The matching principle in accounting is meant to ensure that all the expenses of a business should be recorded in the very period in which they are accrued. This prevents confusion where payments are done in a period much later than the accruals.
