Scarcity Exists Because

question 113

Multiple Choice

Scarcity exists because:

• A) human wants exceed the resources available to satisfy them.
• B) some people make bad economic decisions.
• C) people take too much leisure time.
• D) some individuals have low incomes.
• E) the costs of production are high.

Recognize the need for journal entries post-reconciliation to update the book balance.

Differentiate between debit and credit memorandums in the context of bank transactions.

Understand the setup and replenishment process of a petty cash fund.

Learn the accounting treatment for errors and adjustments during the reconciliation and petty cash management process.

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Definitions:

Psychological Contract

The unwritten set of expectations between an employer and employee regarding mutual obligations.

Job Security

The likelihood of an individual to retain their job without the risk of becoming unemployed.

Social Security

A government program that provides financial assistance to individuals during retirement, disability, or in the event of death, funded through payroll taxes.