Closing Entries Are Unnecessary If the Business Plans to Continue

question 90

True/False

Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.

Understand the elements of effective strategic planning and goal setting.

Understand the key behaviors and characteristics of an entrepreneur.

Identify the stages in the innovation process and the start-up process model for small businesses.

Recognize the barriers and challenges faced by small businesses and entrepreneurs in innovation and growth.

---

Definitions:

Training

The process of enhancing the skills, capabilities, and knowledge of employees for doing a particular job.

Future-oriented

Relates to strategies or perspectives that focus on anticipations, trends, and planning for long-term future developments.

Technological Change

The innovation and adoption of new technologies that modify the way goods or services are produced, distributed, or consumed.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased connections among the world's economies, cultures, and populations.