Small Choices Made in Response to Short-Term Conditions Is Known

question 47

Multiple Choice

Small choices made in response to short-term conditions is known as ________.

• A)incrementalism
• B)muddling through
• C)garbage can
• D)nominal group technique

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Definitions:

Income Summary

A temporary account used in closing process to summarize the results of a period's revenues and expenses.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Entry

An accounting action that transfers the balances from temporary accounts to permanent ones at the end of an accounting period.

Owner's Equity

The residual interest in the assets of an enterprise after deducting its liabilities; represents the owner's claims against the company's assets.