Which of the Following Would Qualify as an Example of a Firm's

question 77

Multiple Choice

Which of the following would qualify as an example of a firm's weakness?

• A) A bill passed by the government regarding the work timings of all organizations
• B) A competitor planning to open a new branch close to the firm's place of operations
• C) The firm's failure to pay its taxes on time leading to a poor reputation in the market
• D) A ban imposed on the use of animals for testing cosmetics

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Definitions:

Accounting Systems

Systems designed to record, process, and report financial transactions systematically and accurately for a business entity.

Journal Entry

An accounting record that documents a business transaction in the ledger, specifying the accounts affected and the amounts.

Posted Twice

Accidentally recording a financial transaction or entry in the accounting records more than once, which can lead to discrepancies and require correction.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to verify that the total debits equal total credits.