For Each of the Following Accounts, Indicate Whether It Is

question 148

Multiple Choice

For each of the following accounts, indicate whether it is a balance sheet account or an income statement account.
-Furniture and Fixtures

• A)Balance sheet account
• B)Income statement account

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Definitions:

Economic Rent

Extra income earned by a factor of production due to its limited supply or unique properties, over and above its opportunity cost.

Output Tax

A tax levied on the quantity of production or output generated by a company, as opposed to income or profit.

Perfectly Elastic

An economic term describing a situation where the quantity demanded or supplied changes infinitely in response to any change in price.

Increasing-Cost Industry

Industry whose long-run supply curve is upward sloping.