The Chart of Accounts Is a

question 41

Multiple Choice

The chart of accounts is a

• A) list of accounts and their balances at a given time.
• B) device used to prove the mathematical accuracy of the ledger.
• C) listing of the accounts and the account numbers which identify their location in the ledger.
• D) required step in the recording process.

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Definitions:

Market Clearing Level

The price and quantity at which supply equals demand, so there is no surplus or shortage in the market.

Surplus

Situation in which the quantity supplied exceeds the quantity demanded.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a specific price over a given period of time.