The General Ledger

question 119

Multiple Choice

The general ledger:

• A) is after the trial balance.
• B) is the book of final entry.
• C) lists the transactions in chronological order.
• D) is before the general journal.

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Definitions:

Profit-Maximizing Quantity

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

Marginal Revenue

Marginal Revenue refers to the increase in revenue resulting from the sale of one additional unit of a product or service.

Marginal Cost

The growth in the total amount of costs resulting from the manufacture of one more unit of a good or service.

Efficient Scale

The level of production at which a firm achieves the lowest possible cost per unit of output, optimizing its use of resources.