What General Ledger Account Is Not Needed for an Expenditures

question 13

Multiple Choice

What general ledger account is not needed for an expenditures subsidiary ledger?

• A) Appropriations.
• B) Expenditures.
• C) Encumbrances.
• D) Encumbrances Outstanding.

---

Definitions:

Imperfectly Competitive

Describes a market structure where firms have some degree of market power and can influence prices, unlike in perfect competition.

Purely Competitive

A market structure characterized by a large number of small firms, homogenous products, and easy entry and exit, leading to firms being price takers.

Resource Demand Curve

A graphical representation showing the relationship between the price of a resource and the quantity of the resource demanded by employers.

Marginal Product

The additional output that results from using one more unit of a specific input, holding all other inputs constant.