What Is the Final Step in the Succession Management Process

question 49

Multiple Choice

What is the final step in the succession management process?

• A) Identify high-potential employees.
• B) Identify the skills and competencies needed.
• C) Monitor succession management.
• D) Provide developmental opportunities and experiences.

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Definitions:

Closing Entries

The journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Adjusting Entries

Accounting entries recorded at the conclusion of a financial period to properly assign income and expenses to the period they truly relate to.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the accounts for the next period.

Journalized

Refers to the act of recording financial transactions in the company's journal as part of the accounting process.