When Compared to the T-Account Close,the Modified T-Account Close

question 94

Multiple Choice

When compared to the T-account close,the modified T-account close:

• A) uses debits and credits columns.
• B) is similar to the continuous-yes close.
• C) deals with the reasons for not buying.
• D) can only be created by the prospect.
• E) is similar to the summary-of-benefits close.

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Definitions:

Overhead Expenses

Indirect costs related to running a business that are not directly tied to production, including rent, utilities, and administrative salaries.

Assessed Valuation

Assessed Valuation is the dollar value assigned to a property for purposes of taxation by a public authority.

Taxation

The process by which governments impose charges on citizens and corporate entities, generating revenue used to fund public services and infrastructure.

Tax Rate

The percentage at which an individual or corporation is taxed by the government.