The Common Goal of Broad-Based Business and Industry Groups Is

question 28

Multiple Choice

The common goal of broad-based business and industry groups is to

• A) maintain and improve upon a favorable business climate.
• B) promote the common welfare of society.
• C) seek to advance the interests of specific industries.
• D) promote the common good of the people.
• E) loosening the restrictions of environmental protection laws.

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Definitions:

Zero Balances

Accounts in financial statements that have no outstanding balance or value at a given point in time.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, preparing the books for the next accounting period.

Adjusting Entries

Entries in the books of accounts made during the final part of an accounting cycle to distribute profits and costs to their rightful period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.