Accounts

question 77

Multiple Choice

Accounts

• A) do not reflect money amounts
• B) are not used by entities that manufacture products
• C) are records of increases and decreases in individual financial statement items
• D) are only used by large entities with many transactions

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Definitions:

Gangue

The valueless minerals or rock that are mined along with valuable minerals or ore, typically disposed of as waste.

Profitably Extractable

Refers to natural resources that can be mined or harvested at a profit, considering the current market prices and extraction costs.

Compacted Plant Remains

Organic matter that has been compressed over time into solid formations, often contributing to the formation of coal and other fossil fuels.

Limestone

A sedimentary rock composed mainly of calcium carbonate, commonly used in construction and as a raw material in manufacturing.