A Trial Balance

question 13

Multiple Choice

A trial balance

• A)is a list of accounts with their balances at a given point in time.
• B)will not balance if a correct journal entry is posted twice.
• C)will tell you if a transaction is not posted at all.
• D)proves the factual accuracy of journalized transactions.

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Definitions:

Long-run Phillips Curve

A concept in economics indicating that in the long run, there's no trade-off between inflation and unemployment, showing a vertical line at the natural rate of unemployment.

Unemployment

Unemployment refers to the situation when individuals who are capable of working and are actively seeking work are unable to find employment.

Inflation

A broad upsurge in pricing with a corresponding fall in the worth of money.

Short-run Phillips Curve

A graphical representation showing the inverse relationship between unemployment and inflation rates in the short term.