A Type of Successor Who Is Interested in Efficiency,internal Control,and

question 19

Multiple Choice

A type of successor who is interested in efficiency,internal control,and effective use of resources would be considered a(n)

• A)managerial successor.
• B)entrepreneurial successor.
• C)opportunistic successor.
• D)family successor.

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Definitions:

Accounts

Financial records that track all transactions related to a specific item, such as revenues, expenses, assets, liabilities, or equity.

Normal Balance

The side (debit or credit) of an account that is usual or expected to increase the balance of that account.

Liability

Financial obligations or debts that a company owes to others, which must be settled through the transfer of assets or provision of services.

Asset

An economic resource that can be owned or controlled to produce value and that is held by a company to produce positive economic value.