After You Have Closed an Entity's Books,what Happens to the Account

question 3

Multiple Choice

After you have closed an entity's books,what happens to the account balances?

• A)all asset accounts will have zero balances
• B)none of the accounts will have zero balances
• C)all liability accounts will have zero balances
• D)the revenue and expense accounts will have zero balances

Understand the concept and benefits of flextime programs.

Recognize the role of employee engagement and retention strategies.

Understand the regulations surrounding the Family and Medical Leave Act (FMLA).

Grasp the principles and steps of open-book management.

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Definitions:

Business

An organized effort by individuals to produce and sell goods and services for profit.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the total quantity produced.

Long Run

In economics, a period in which all inputs can be adjusted by firms, allowing for the full impact of decisions to unfold and market to reach equilibrium.

Break-Even Point

The break-even point is the level of production or sales at which total revenues equal total expenses, resulting in no net profit or loss for a business.