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Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.
Fixed Costs
Costs that do not change with the level of production or sales, such as rent, salaries, and loan payments.
Operating Leverage
A measure of how sensitive a company's operating income is to changes in revenue, indicating the degree of fixed versus variable costs.
Fiscal Policy
Government policies regarding taxation and spending to influence the economy.
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