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.

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Definitions:

Research Participants

Individuals who take part in a research study, providing data or undergoing certain conditions for the purpose of scientific inquiry.

Asch Line-length Experiment

A social psychology experiment demonstrating the power of conformity, where individuals doubted their own perceptions in a group setting to match the group opinion.

Embarrassment

A emotional state resulting from an awareness of having done something socially or morally unacceptable or ridiculous.

Cheating

The act of being dishonest or unfair in order to gain an advantage, especially in a learning or competition context.