Table 212 Table 2

question 268

Multiple Choice

Table 2.12 Table 2.12 Table 2.12 shows the number of labour hours required to produce a cell phone and a cubic metre of lumber in Estonia and Finland. -Refer to Table 2.12.What is Finland's opportunity cost of producing one cubic metre of lumber? A) 0.25 cell phones B) 4 cell phones C) 12 cell phones D) 16 cell phones Table 2.12 shows the number of labour hours required to produce a cell phone and a cubic metre of lumber in Estonia and Finland.
-Refer to Table 2.12.What is Finland's opportunity cost of producing one cubic metre of lumber?

Definitions:

Financial Statements

Reports that summarize the financial activities of a business, including the balance sheet, income statement, and cash flow statement.

Recognized

In accounting, recognized refers to the formal acknowledgment of a financial transaction or event in the financial statements of a business.

Adjusting Entry

At the close of an accounting period, entries recorded in the financial ledgers to distribute incomes and costs to the period they genuinely happened.

Expense

Outflows or the using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major operations.