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Describe the three basic categories of organization design, and explain why each arose.
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts and prepare the accounts for the next period.
Future Business
Operations, activities, or engagements that a company plans to undertake in coming periods to increase its profitability and growth.
Current Assets
Resources anticipated to be turned into cash, sold, or used up within a timeframe of one year or during the usual business cycle if it extends beyond a year.
Office Supplies
Items used in offices for daily operations, including paper, pens, and staplers.
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