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question 48

Short Answer

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Definitions:

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.