Which Principle States That the Most Important Issues Should Be

question 33

Multiple Choice

Which principle states that the most important issues should be attended to during the time of day that an entrepreneur is most efficient

• A) Principle of desire
• B) Principle of reanalysis
• C) Principle of effectiveness
• D) Principle of prioritized planning

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Definitions:

Income Statement

A financial report that shows the revenue, expenses, and profit or loss of a business over a specific period of time.

Adjusting Journal Entry

An accounting entry made to correct or update the financial records and ensure accurate reporting.

Liabilities

Financial obligations or debts that a company owes to external parties, which must be settled over time through the transfer of economic benefits.

Deferral

Accounting method to postpone the recognition of revenues or expenses until a future accounting period.