The Major Benefit of Accrual Basis Accounting Is Its Simplicity;

question 40

True/False

The major benefit of accrual basis accounting is its simplicity; it greatly reduces the demand on bookkeeping.

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Definitions:

Discouraged Workers

Individuals not looking for work because they believe no jobs are available for them.

Officially Unemployed

Officially unemployed refers to individuals who are without a job, actively seeking work, and currently available to take up employment.

Fully Employed Economy

A situation where all available labor resources are being used in the most economically efficient way, with minimal unemployment.

Cyclical Unemployment

Unemployment that results from business cycle fluctuations and the imbalances in supply and demand that arise in the economy over time.