The Inputs Used to Produce Goods and Services Are Also

question 153

Multiple Choice

The inputs used to produce goods and services are also known as

• A) costs.
• B) resources.
• C) output.
• D) prices.
• E) institutions.

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Definitions:

Classified Balance Sheet

A balance sheet that groups assets, liabilities, and equity into subcategories for clearer understanding.

Long-Term Liability

Financial obligations of a business that are due more than one year in the future.

Adjusting Entries

Accounting record entries created at the conclusion of an accounting cycle to assign revenues and expenses to the time they truly took place.

Reversing Entries

At the start of a new accounting period, entries are recorded to negate or undo the adjustments that were made at the conclusion of the prior period.