Arrow's Impossibility Theorem Is Named After The

question 69

Multiple Choice

Arrow's impossibility theorem is named after the:

• A)the ex-US president Walter Arrow
• B)economist, Kenneth Arrow
• C)direction that is required in order to rank possible outcomes
• D)French political theorist, Marquis de Arrow

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Definitions:

Closing Process

The procedure used in accounting to close out accounts at the end of an accounting period, summarizing revenues and expenses and showing net income or loss.

Income Summary

An account to which all income statement account balances are transferred at the end of an accounting period to determine the net profit or loss.

Net Loss

The amount by which total expenses exceed total revenues for a business, indicating a financial loss.

Income Summary Account

An account used in closing process to aggregate all income and expenses accounts before determining and transferring the net income or loss to the capital account.