Akiko Realizes the Importance of Developing a ______For Her Interior

question 205

Multiple Choice

Akiko realizes the importance of developing a ______for her interior design business. Akiko knows of no better way of establishing revenue expectations and allocating resources in order to achieve the goals of her firm.

• A)cash flow analysis
• B)financial forecast
• C)budget
• D)market prediction

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Definitions:

Journal Entries

Recording of financial transactions in a ledger, such that the total debits equals the total credits, reflecting all changes in accounts within a particular accounting period.

Fiscal Year-End

The fiscal year-end is the conclusion of a 12-month or 365-day period that a company uses for accounting purposes and preparing financial statements, which does not necessarily coincide with the calendar year.

Deferred Income Tax Liability

A tax obligation due in the future for income that has been recognized in the financial statements before it is taxable.

Tax Liability

Tax liability refers to the total amount of tax that an individual or entity is obligated to pay to a taxing authority, such as the government, based on income, property, and other applicable factors.