Which of the Following Is a Way That Business and Consumer

question 84

Multiple Choice

Which of the following is a way that business and consumer markets are the same?

• A)satisfaction of needs through purchase decisions
• B)market structure and demand
• C)nature of the buying unit
• D)types of decisions
• E)decision process

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made for accruals, deferrals, and other adjustments, used in the preparation of financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Permanent Accounts

Accounts that are not closed at the end of the accounting period, hence carry their balances over into the next period; these include asset, liability, and equity accounts.

Temporary Accounts

Accounts that are closed at the end of each accounting period, including revenue, expense, and dividend accounts.