When Compared to the T-Account Close,the Modified T-Account Close

question 94

Multiple Choice

When compared to the T-account close,the modified T-account close:

• A) uses debits and credits columns.
• B) is similar to the continuous-yes close.
• C) deals with the reasons for not buying.
• D) can only be created by the prospect.
• E) is similar to the summary-of-benefits close.

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Definitions:

Strategic Plans

Long-term goals and objectives of an organization, along with the action plan to achieve them, focusing on overall direction and long-term growth.

Cash Budget

A financial plan that outlines expected cash inflows and outflows over a specific period, including income and expenses.

Program Budgeting

A method of budgeting in which all expenses must be justified for each new period, focusing on programs and activities instead of traditional line items.

Responsibility Accounting

A financial recording system that accumulates, consolidates, and presents finance-related data pertaining to the obligations of specific managers or units.