According to the ________, One Should "Choose the Option That

question 25

Multiple Choice

According to the ________, one should "choose the option that offers the greatest good for the greatest number of people."

• A)television test
• B)utilitarian principle
• C)family test
• D)golden rule

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Definitions:

Closing Entries

Entries recorded at the close of an accounting period for the purpose of moving balances from temporary to permanent accounts.

Capital Account

An account showing the net worth of a business at a specific point in time, including assets contributed by owners and profits.

Balance Sheet

A financial statement that displays a company's assets, liabilities, and equity at a specific point in time.

Permanent Accounts

Accounts that carry their ending balances from one accounting period to the next, including assets, liabilities, and equity accounts.