The Amount of Public Policy and the Costs of Policy

question 1

Multiple Choice

The amount of public policy and the costs of policy reflect a collective agreement on

• A) the size of the budget deficit.
• B) the need for socialism.
• C) the need for democracy.
• D) the scope of government.

Comprehend the fundamental accounting equation and its components (Assets = Liabilities + Equity).

Recognize the nature and classification of assets, liabilities, and equity.

Calculate equity given assets and liabilities.

Understand how transactions impact the accounting equation.