The First Economist to Point Out the Importance of Specialization

question 161

Multiple Choice

The first economist to point out the importance of specialization of labor was

• A)Leonardo da Vinci.
• B)Adam Smith.
• C)David Ricardo.
• D)John Maynard Keynes.
• E)Enrico Caruso.

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Definitions:

Account Balance

The sum of money available in a financial account at a specific moment.

Trial Balance

A trial balance is a bookkeeping worksheet wherein the balances of all ledgers are compiled into debit and credit account columns to ensure total debits equal total credits.

Debits

Debits are accounting entries that increase asset or expense accounts, or decrease liability, equity, or revenue accounts.

Credits

Entries in accounting that increase liabilities or equity accounts, or that decrease asset or expense accounts, reflecting the sources of funds.