Family ties are more important in Mexico than in the United States

CEO Maria is so convinced that company sales will triple, that she commits the company to lavish new expenses without making contingency plans if the sales growth does not take place. Maria might be falling into the

a. prudence trap. b. overconfidence trap. c. recallability trap. d. subjective thinking trap.

Closing entries are prepared:

A) to clear all temporary accounts to zero. B) to update the Capital balance. C) at the end of the accounting period. D) All of the above are correct.