A Journal Entry Will NOT Include

question 5

Multiple Choice

A journal entry will NOT include

• A) account names.
• B) date of the transaction.
• C) the dollar amount of the transaction.
• D) account balance.

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Definitions:

Perfectly Competitive

A market structure characterized by many buyers and sellers, all of whom have complete information and the products offered are homogeneous.

Marginal Cost

is the extra cost incurred by producing one more unit of a product or service.

Fixed Cost

Costs that do not change with the level of production or output, such as rent, salaries, and loan payments.

Variable Costs

Costs that change in proportion to the level of output or activity in a business.