Economics Provides a Theory to Explain

question 9

Multiple Choice

Economics provides a theory to explain

• A)how a successful business can be started.
• B)how managers can cheat and get away with it.
• C)how people make choices.
• D)how businesses compete in the market.

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Definitions:

Special Ledger

A set of subsidiary accounts or a separate bookkeeping system that provides detailed information in addition to the general ledger.

Accounting Systems

Systems designed to record, process, and report financial transactions systematically and accurately for a business entity.

Journal Entry

An accounting record that documents a business transaction in the ledger, specifying the accounts affected and the amounts.

Posted Twice

Accidentally recording a financial transaction or entry in the accounting records more than once, which can lead to discrepancies and require correction.