A Firm's Inputs Are Also Known as Its

question 59

Multiple Choice

A firm's inputs are also known as its

• A) outputs.
• B) profits.
• C) factors of production.
• D) revenues.
• E) costs.

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Definitions:

Adjusting Entry

Accounting entries recorded at the conclusion of a financial period for the purpose of assigning revenues and expenses to the time frame in which they were actually incurred.

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Equity.

Note Receivable

A written promise to pay a specified amount of money, with interest, by a certain date.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditure to the correct period.