A Record in Which the Effects of Transactions Are First

question 91

Multiple Choice

A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n) :

• A) Account.
• B) Trial balance.
• C) Journal.
• D) T-account.
• E) Balance column account.

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Definitions:

Maximize Profits

The goal of businesses to achieve the highest possible level of profit through revenue maximization and cost minimization.

Nondiscriminating Monopolist

A monopolist who charges all consumers the same price for its product, regardless of the quantity demanded or consumer preferences.

Marginal Cost

The investment needed to produce an extra unit of a product or service.

Profit-Maximizing

The process or strategy of adjusting the production and sale of goods or services to generate the highest possible profit.