Accountants Record Both Internal and External Transactions

question 120

True/False

Accountants record both internal and external transactions.

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Definitions:

Marginal Cost

The rise in cost resulting from the manufacture of an additional unit of a product or service.

Public Good

A product or service that is non-excludable and non-rivalrous, meaning that one's use of the good does not reduce its availability to others.

Positive Externality

A benefit that is enjoyed by a third-party resulting from an economic transaction to which they were not involved.

Public Good

A product or service that is non-excludable and non-rivalrous, meaning it can be consumed by multiple people without diminishing its availability to others.