The steps involved in closing the books are as follows:
Closing the Revenues
Closing the Expenses
Closing the net income
Closing the dividend and withdrawals
The most important output of the accounting cycle is the financial statement like balance sheet and Income statement. If the books were never closed, then the business would never be able to know the financial position for a particular accounting period.
Answer:
To reduce the chance of fraud.
Explanation:
An appropriate practice to reduce transaction fraud would be "traceability," which is the ability to track and follow the supply chain of some manipulation. This greatly helps prevent fraud and loss of information.
Financial frauds are actions that a person performs in order to obtain a profit of their own at the cost of damage the economy of another.
<u>Answer:</u>
Consumer behavior considers numerous reasons why individual, situational, mental, and social individuals look for items, purchase, use, and afterward discard them.
Evaluative criteria are positive qualities that are imperative to you, for example, the cost of the knapsack, the size, the number of compartments, and shading. A portion of these attributes are valued highly as compared to others. For instance, the size of the rucksack and the cost may be more imperative to you than the shading except if, state, the shading is hot pink, and you despise pink.
In 1888, Thomas Adams was the first person to build a vending machine that dispensed chewing gum. The gum, named Tutti-Frutti, was available around New York City subway stations.