A Chart of Accounts Is

question 11

Multiple Choice

A chart of accounts is:

• A) a source document
• B) the same as a trial balance
• C) a list of all of the accounts of the organization and their related account numbers
• D) prepared as the last step in analyzing transactions

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Definitions:

Absolute Advantage

The ability of a country or individual to produce a good or service more efficiently than another, using fewer resources.

Lowest Opportunity Cost

The situation where choosing one option incurs the smallest possible loss of potential benefits from other alternatives, a key concept in comparative advantage and economic decision-making.

Fewest Resources

The condition of having the minimal amount of resources, including labor, capital, and natural resources, required for production.

Opportunity Cost

The missed opportunity to benefit from other choices when selecting a particular option.