Closing Entries Are Important to Managing a Business Because

question 177

Multiple Choice

Closing entries are important to managing a business because

• A)the owners expect periodic reports of the progress of the business.
• B)management needs to prepare budgets for future time periods.
• C)to assess progress toward goals,managers need to divide the life of the business into relatively short time periods.
• D)All of these choices.

---

Definitions:

Acquittal

A certification or declaration following a trial that the individual accused of a crime is innocent or free from guilt in the eyes of the law and is thus absolved of the charges.

Free From Guilt

The condition of being without blame or having not committed a crime or wrongdoing.

Grand Juries

Groups of citizens convened to evaluate accusations against individuals and determine whether there is enough evidence to bring charges.

Indictment

A formal charge or accusation of a serious crime issued by a grand jury.