A Surplus Is Defined as the Situation That Exists When

question 32

True/False

A surplus is defined as the situation that exists when the quantity of a good supplied is greater than the quantity demanded.

---

Definitions:

U.S. GAAP

The codification of how financial transactions and events are to be reported in the financial statements, developed and maintained by the Financial Accounting Standards Board (FASB) for the United States.

Straight-Line Method

A depreciation method where an equal amount of depreciation expense is allocated for each year of the asset's useful life.