The Final Step in the Recording Process Is to

question 21

Multiple Choice

The final step in the recording process is to

• A) analyze each transaction.
• B) enter the transaction in a journal.
• C) prepare a trial balance.
• D) transfer journal information to ledger accounts.

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Definitions:

Marginal Revenue

The surplus revenue acquired from the sale of one more unit of a good or service.

Profit Maximizing Output

The level of production at which a firm achieves the highest possible profit, determined by the point where marginal cost equals marginal revenue.

Demand Curve

A graphic representation showing how the quantity demanded of a good or service varies with its price.

Marginal Cost

The hike in complete costing that comes with the fabrication of an additional unit of a good or service.