If Scarcity Were Eliminated

question 19

Multiple Choice

If scarcity were eliminated,

• A) all goods would be free.
• B) no one would have to make any choices.
• C) everyone could have all they want at no cost.
• D) all of the above are true.

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Definitions:

Recorded

The process of making an official or formal documentation of a particular data or event in accounting or records.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the appropriate period.

Unearned Service Revenue

Income received by a company for services yet to be performed, considered a liability until the service is delivered.

Legal Services

Professional services offered by qualified attorneys or lawyers that include legal advice, representation in court, and other activities related to the practice of law.