Instead of T-Accounts, Businesses More Than Likely Use A

question 44

Multiple Choice

Instead of T-accounts, businesses more than likely use a:

• A) chart of accounts.
• B) balance sheet.
• C) general ledger.
• D) general journal.
• E) income statement.

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Definitions:

Public Goods

Goods or services that are available to all members of a society, typically provided by the government, with no one excluded from benefitting.

Efficient Mix

The most advantageous combination of goods and services that can be produced and distributed with the available resources and technology, maximizing overall welfare.

Equate Price

The action of setting two or more goods or services to have the same price.

Marginal Cost

The outlay involved in the creation of an additional unit of a good or service.