A T-Account Is

question 181

Multiple Choice

A T-account is

• A)a way of depicting the basic form of an account.
• B)a special account used instead of a journal.
• C)a special account used instead of a trial balance.
• D)used for accounts that have both a debit and credit balance.

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Definitions:

Profitable

A financial status where the income generated from business activities exceeds the expenses, taxes, and costs associated with maintaining the business.

Marginal Revenue

The additional revenue that a company earns from selling one more unit of a product or service.

Marginal Cost

The rise in expense associated with the production of an extra unit of a product or service.

Average Variable Cost

The total variable cost divided by the quantity of output produced; it measures the variable cost per unit of output.