The Difference Between Specific Knowledge and General Knowledge Is That

question 234

Multiple Choice

The difference between specific knowledge and general knowledge is that

• A)the creation of general knowledge is usually more profitable for the creator.
• B)specific knowledge is excludable, while general knowledge is not excludable.
• C)general knowledge is excludable, while specific knowledge is not excludable.
• D)general knowledge is rival in consumption, while specific knowledge is not rival in consumption.

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Definitions:

Income Summary

An account used in the closing process that summarizes the revenues and expenses for an accounting period before transferring the net income or loss to owner's equity.

Revenue and Expense Accounts

Accounts in the general ledger that track the income generated from sales and the costs incurred during business operations, respectively.

Worksheet

A document or spreadsheet used for planning, adjusting entries, and preparing financial statements before they are finalized in official reports.

Income Statement

A financial statement that reports a company's financial performance over a specific period by detailing revenues, expenses, and net income.