A Resource Is Something That

question 92

Multiple Choice

A resource is something that:

• A)is used to produce goods and services.
• B)is provided by nature,not produced by society.
• C)exists in unlimited quantities.
• D)must be produced by a firm.
• E)is always available free of cost.

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Definitions:

Journal Entries

A record of financial transactions in accounting that includes details like the date of the transaction, amounts involved, accounts affected, and a brief description.

Incurred Expense

An expense that a company has recognized on its books, representing a cost that has been encountered in the operation of the business.

Wages Paid

This refers to the total amount of remuneration paid by an employer to an employee, including salaries, commissions, and bonuses, for work performed during a specific period.

Unearned Revenue

Income received by a business for goods or services yet to be provided; considered a liability until the service or product is delivered.