What are the major goals of the closing process?
What will be an ideal response?
Answer: Closing is a mechanical process that aids the accountant in recording transactions for the next period. Closing entries are usually done only at year-end. Interim reports can be prepared from worksheets, which are prepared monthly, quarterly, etc. When the closing journal entries are prepared, they reduce or clear all temporary accounts to a zero balance, and update the capital account to a new balance.
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You save the same dollar amount from each paycheck during your career. As your income increases, your savings rate will
A) increase. B) decrease. C) stay the same. D) More information is needed to determine what effect this action will have.
According to the text, what is the most challenging task for expatriates dealing with global issues?
A) Modifying technology B) Anticipating political risks C) Monitoring foreign currencies D) Negotiating with local governments