According to the Textbook, at What Stage of Development Is

question 21

Multiple Choice

According to the textbook, at what stage of development is globalization most beneficial to a country?

• A) agricultural revolution
• B) industrial revolution
• C) early industrialization
• D) advanced industrialization

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Definitions:

Drawing Account

An account used to record amounts withdrawn by the owner of a business for personal use.

Closing Entry

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones, preparing for the next period.

Pre-closing Trial Balance

A financial report listing all the account balances in the general ledger before adjusting entries are made for the preparation of financial statements.

Closing Entries

The accounting process of transferring temporary account balances to permanent accounts at the end of an accounting period.