"What Skills and Experience Does the Second Generation Need to Acquire

question 38

Multiple Choice

"What skills and experience does the second generation need to acquire?" and "What is the second generation's expectation for the future of the business, and is it congruent with the company's vision?" are two of the questions that should be examined to start the process of _____ planning.

• A) long-range
• B) short-range
• C) succession
• D) operational
• E) contingency

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Definitions:

Unearned Legal Fees Revenue

Revenue recognized for legal services not yet provided; it is recorded as a liability until the service is delivered.

General Journal

A foundational accounting record where transactions are recorded in chronological order before being posted to specific accounts in the general ledger.

General Journal

An accounting ledger where all types of financial transactions are initially recorded before being posted to specific accounts.

Office Supplies

Various items and materials such as pens, paper, and files, used in offices for the purpose of maintaining smooth business operations.