For Each of the Following, Identify in Column 1 the Category

question 26

Essay

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, in column 3 the financial statement that the account in which the account balance is reported, and in column 4 the account's nature (permanent/temporary).
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Definitions:

Central Planning

An economic system where the government makes all decisions about the production and distribution of goods and services, controlling resources and directing activities.

Prices

The amount of money required to purchase a good or service, often determined by supply and demand dynamics.

Consumer Sovereignty

The determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy; consumers’ direction of production through their dollar votes.

Legislation

Laws or legal statutes passed by a legislative body, governing body, or the process of enacting laws.