If One Person's Consumption of a Good Does Not Preclude

question 32

Multiple Choice

If one person's consumption of a good does not preclude another's consumption, the good is said to be

• A) nonrival in consumption.
• B) rival in consumption.
• C) nonexcludable.
• D) excludable.

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Definitions:

Adjusted Trial Balance

A trial balance taken after adjustments have been made, used for preparing financial statements.

Accounts Payable

Money owed by a company to its suppliers or creditors for goods and services received.

Accounts Receivable

Outstanding payments from customers for goods or services received from a company but not yet settled.

Adjusting Entry

An accounting entry made at the end of an accounting period to allocate revenue and expenses to the period in which they actually occurred.