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Which of the Following Statements Are True?
A) When the Alternative

question 39

Multiple Choice

Which of the following statements are true?

Understand the concept and types of forecasts in business strategic planning.
Grasp the strategic management process and its initial steps.
Recognize the importance and impact of social media tools in managerial practices.
Identify key strategic management tools such as SWOT analysis and their components.

Definitions:

Closing Process

The closing process involves finalizing accounts at the end of an accounting period, transferring net income and dividend information to retained earnings, and preparing the accounts for the next period.

Owner's Capital

The total value of assets contributed by the owner of a business plus the retained earnings.

Owner's Drawings

Withdrawals of a business's cash or other assets by the owner for personal use.

Expense Accounts

Accounts used to record business expenses, which reduce net income in the profit and loss statement.

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