The Things That Must Be Forgone to Acquire a Good

question 560

Multiple Choice

The things that must be forgone to acquire a good are called

• A)implicit costs.
• B)opportunity costs.
• C)explicit costs.
• D)accounting costs.

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Definitions:

Trial Balance

A bookkeeping worksheet where the balances of all ledgers are compiled into debit and credit columns to check the accuracy of financial transactions.

Account Balances

These reflect the amount of money within a financial account at any given time.

Transaction

An economic event that involves a transfer of value between two or more entities, leading to a change in their financial position.

Trial Balance

An accounting report that lists the balances of all ledgers in two columns, debits and credits, ensuring that total debits equal total credits.