Which of the Following Statements About Economic Resources Is True

question 13

Multiple Choice

Which of the following statements about economic resources is true?

• A)Economic resources include financial capital and money.
• B)Economic resources are also called factors of production.
• C)Economic resources are used only by businesses.
• D)All economic resources are man-made.

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Definitions:

Managerial Accountants

Professionals who specialize in providing financial data and analysis to managers within organizations to facilitate informed business decisions.

Performance Report

A document or data set that reviews and evaluates the performance of a project, department, or organization against planned objectives.

Managerial Accounting Reports

Financial documents prepared for internal use by the management, providing insights into the business’s performance, costs, and operations.

GAAP

Generally Accepted Accounting Principles, a set of rules and guidelines provided by the Financial Accounting Standards Board (FASB) for accounting and reporting to ensure consistency and comparability among financial statements.