All of the Following Are Typical Results of a Booming

question 76

Multiple Choice

All of the following are typical results of a booming economy EXCEPT ________.

• A) greater competition for workers
• B) higher cost of living
• C) greater supply of labor
• D) higher price of labor

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Definitions:

Closing Entry

A journal entry made at the end of an accounting period to transfer the balances of temporary accounts to a permanent account.

Adjusting Entry

An accounting record posted at the closing of a financial period to assign revenues and expenses to the time they were incurred.

Closing Entry

An accounting action that transfers all temporary account balances to permanent accounts at the end of an accounting period, preparing the books for the next period.

Satiety

is the feeling of being full or satisfied, typically experienced after eating, which reduces the desire to eat more.