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Hitman42 [59]
4 years ago
5

Closing entries:

Business
2 answers:
Elden [556K]4 years ago
7 0

Answer:

The correct option is D

Explanation:

Closing entries must be jouralized and posted because if they are not posted the company's balance sheet will not balance since the retained earnings account will not be updated.

These are usually the last entries posted on the accounting system prior to a financial statement

Nikolay [14]4 years ago
3 0

Answer:

Must be journalized and posted.

Explanation:

Closing entries are journal entries that is made at the end of an accounting period. It involves the transfer of balances of a temporary account to a permanent account.

Organisations employ the use of closing entries to reset the balances of temporary accounts to zero.

Closing entries are carried out to bring back the revenue, expense, and drawing temporary account balances to zero in preparation for a fresh accounting period.

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DaniilM [7]
Orange County, LA, San Francisco, Anaheim
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3 years ago
________differentiation is a business strategy whereby firms attempt to gain a competitive advantage by increasing the perceived
Andreas93 [3]

Answer:

A) Product Differentiation

Explanation:

Product differentiation is referred as a strategy which companies or firms use to showcase the abilities which their products have and the competing product does not have. Some go as far as displaying an added advantage which their products have. Forms which this strategy can take may be through price of the product, reliability of the product or location of the product.

8 0
3 years ago
Lila and Jillian both own small businesses in the town where they live. The women are friends and often get together to discuss
dsp73

The differences between Lila and Jillian's businesses are based on what they offer to the public, since one offers products and the other offers services, which makes their businesses different.

<h3>What is a product-based business?</h3>

A product-based business is a type of business in which the main purpose is to offer a specific product to the public, for example:

  • Beauty products.
  • Sport products.
  • School products.
  • Construction products.

<h3>What is a service-based business?</h3>

A service-based business is a type of business in which the main purpose is to offer a specific service to the public, for example:

  • Satellite television service.
  • Legal advice service.
  • Sports training service.
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Based on the above, it can be inferred that the discussions between Lila and Jillian can include very varied topics because their businesses are different because they involve different value chains.

Learn more about business in: brainly.com/question/15826604

#SPJ1

3 0
2 years ago
On June 1, Year 1 Oxian Corp. receives $24,000 from a customer for work to be performed evenly over the next 2 years. What is th
pav-90 [236]

Answer:

$7,000 is the amount of revenue in year 1

Explanation:

The amount received from the customer is $24,000,which is payment for work to be performed over 24-month period i.e 2 years

In year 1,the work would be performed from June -December,hence  7-month worth of revenue should be recognized in year 1 as follows

revenue recognition in year=$24,000*7/24=$7,000

The amount of revenue attributable to year 1 on the income statement is $7,000

7 0
3 years ago
Caron turned down the extra project her boss offered because the pay for completing it was ten lottery tickets. caron expected a
MrRissso [65]
<span>Answer: Expectancy.        Because Caron did not accept the extra project since the pay for completing was ten lottery tickets. The pay is characterized by chance.</span>
4 0
3 years ago
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