The Use of Common Property Resources Has Observed That

question 20

Multiple Choice

The use of common property resources has observed that:

• A) most varieties of ocean fish are caught well below sustainable yields.
• B) most trees are sustainably harvested.
• C) sustainable yield only applies to renewable resources.
• D) consumers cannot secure sustainable harvested lumber.
• E) ocean currents make determining sustainable fish catch levels impossible.

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Definitions:

Closing Process

The closing process involves finalizing accounts at the end of an accounting period, transferring net income and dividend information to retained earnings, and preparing the accounts for the next period.

Owner's Capital

The total value of assets contributed by the owner of a business plus the retained earnings.

Owner's Drawings

Withdrawals of a business's cash or other assets by the owner for personal use.

Expense Accounts

Accounts used to record business expenses, which reduce net income in the profit and loss statement.