Although Broadly Representative Groups That Include Many Business Members Are

question 32

True/False

Although broadly representative groups that include many business members are active in lobbying federal and state government, individual businesses or companies may lobby the government when concerned with matters of interest to themselves.

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Definitions:

Closing Entry

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones and prepare the company's books for the next period.

Income Summary

An account in the ledger that is used to gather all temporary accounts during the closing process, to transfer their balances to permanent accounts.

Retained Earnings

The portion of net earnings not paid out as dividends but retained by the company to reinvest in its core business or to pay debt.

Balance Sheet

A business statement that consolidates the assets, debts, and shareholder equity of a company at a certain point.