A Positive Economic Statement Is

question 53

Multiple Choice

A positive economic statement is:

• A) an opinion of an action that should be taken.
• B) an action that will have a positive effect on the economy.
• C) a statement testable by facts.
• D) a claim that the speaker is positive will occur.

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Definitions:

General Journal Entries

Account records in the general journal that detail financial transactions and their impact on accounts.

Perpetual Inventory Method

A continuous system of recording inventory transactions immediately as they occur, providing an up-to-date record of stock levels.

General Journal Entries

General journal entries are records of financial transactions in the general journal, making note of the debit and credit of each transaction according to accounting principles.

Perpetual Inventory Method

An accounting method that continuously tracks inventory levels and costs, updating the inventory account after each purchase or sale.