If the Price of Oil Were Sufficiently High, It Would

question 112

Multiple Choice

If the price of oil were sufficiently high, it would be used only in:

• A) making plastics.
• B) generating heat.
• C) powering cars and jets.
• D) making kerosene.

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Definitions:

Credits

Accounting entries that increase liabilities or equity or decrease assets or expenses.

Journal Entries

The recording of financial transactions into a company's accounting records, documenting the details of financial transactions that affect the financial statements.

Debit Accounts

Accounts that are increased with a debit entry, indicating either an increase in assets or expenses or a decrease in liabilities, equity, or revenue.

Credit Accounts

Accounts that are increased by credits and decreased by debits, reflecting liabilities and shareholder equity.