Changes in Retained Earnings Result from Effects of Prior Period

question 35

True/False

Changes in retained earnings result from effects of prior period adjustments, net income or loss, or dividends declared.

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Definitions:

Milton Friedman

An American economist and Nobel Prize winner known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.

Economic Thought

A branch of economics that studies the evolution of economic ideas and theories over time.

Keynesians

An economic theory that advocates for active government intervention in the marketplace and monetary policy to manage demand and smooth out cycles of boom and bust.

Monetarists

Economists who believe that variations in the money supply are the main source of economic fluctuations.