The Amount Reported in the Balance Sheet Columns of the Work

question 95

Multiple Choice

The amount reported in the Balance Sheet columns of the work sheet for the owner's capital represents the

• A) ending balance that should be reported on the balance sheet.
• B) beginning balance.
• C) beginning balance plus additional investments.
• D) beginning balance less withdrawals.

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Definitions:

Short Run

A period in economics during which at least one input is fixed and cannot be changed by the firm.

Long Run

A period in which all factors of production and costs are variable and companies can enter or exit an industry.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels at a given time.

Substitutes

Goods or services that can be used in place of each other; when the price of one goes up, the demand for the other can increase.