What Is a 'Final Good

question 19

Multiple Choice

What is a 'final good'?

• A)a good not used as an input in the production process
• B)a natural resource used to produce a good
• C)a good purchased as an input in the production process
• D)a good used in the production of another good

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Definitions:

Uncollectible Receivables

Amounts owed to a company from customers that are considered unlikely to be collected.

Credit Balance

The amount appearing on the credit side of an account, indicating the total credits exceed the total debits.

Formal Written Instrument

A legally binding document or contract clearly outlining the terms and conditions agreed upon by the parties involved.

Credit

The trust which allows one party to provide resources to another party wherein the second party does not reimburse the first party immediately but promises either to repay or return those resources (or other materials of equal value) at a later date.