Which of the Following Would Not Be an Example of an Oligopolistic

question 17

Multiple Choice

Which of the following would not be an example of an oligopolistic industry?

• A) light bulbs
• B) convenience stores
• C) aircraft
• D) breweries

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Definitions:

Credit

A journal entry that results in an increase in a liability or equity account or a reduction in an asset or expense account.

Overstated

Describing financial statements or figures that have been reported at a value higher than the true or fair value.

Understated

Describes when figures or values are represented in accounting records as less than their true or actual amount.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal, used to verify the accuracy of the bookkeeping system.