​A Network of People Producing and Circulating Marketable Commodities, Labor

question 40

Multiple Choice

​A network of people producing and circulating marketable commodities, labor, and services that for various reasons escape government control is called a(n) :

• A)​black market
• B)​informal economy
• C)​prestige economy
• D)​inconspicuous marketplace

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Definitions:

Journalizing

The process of recording transactions in a journal. This is the first step in the accounting cycle, where financial transactions are initially recorded.

Posting Process

The procedure of recording financial transactions into the appropriate accounts within the ledger.

Amount Incorrectly

A term relating to a numerical value or sum that has been calculated, reported, or entered wrongly.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to ensure a company's bookkeeping system is mathematically correct.