Instead of Preparing a Correcting Entry, It Is Possible to Reverse

question 38

Multiple Choice

Instead of preparing a correcting entry, it is possible to reverse the incorrect entry and then prepare the correct entry. This approach will result in

• A) more entries and postings than a correcting entry, but it will accomplish the desired result.
• B) fewer entries and postings than a correcting entry, but it will accomplish the desired result.
• C) more entries and postings than a correcting entry, and it will not accomplish the desired result.
• D) fewer entries and postings than a correcting entry, and it will not accomplish the desired result.

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Definitions:

Domestic Opportunity Cost

The cost of forgoing the next best alternative when choosing to produce a good or service domestically.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.

Domestic Opportunity Cost

The cost of forgoing the next best alternative use of a country's resources when choosing to produce a particular good or service.

Domestic Supply

The total amount of a good or service that is available from domestic producers within a country, influencing national prices and availability.