How Did Bark 'N Leash Determine How Often Her Competitors Were

question 73

Multiple Choice

How did Bark 'N Leash determine how often her competitors were used?

• A)by talking with the owners of competitive stores
• B)by observing the frequency of activity on Facebook and Instagram
• C)by observing customers going in and out of the stores
• D)by checking with the local Chamber of Commerce

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Definitions:

Closing Process

A sequence of steps performed at the end of an accounting period to prepare the accounts for the next period, including closing temporary accounts such as income summary, revenues, and expenses.

Temporary Account

Accounts that are closed at the end of each accounting period, including revenues, expenses, and withdrawals.

Unadjusted Trial Balance

A preliminary report of all accounts in the general ledger before any adjusting entries are made to ensure debits equal credits.

Adjustments

Journal entries made to correct or update accounting records and financial statements, often at the end of an accounting period.