A Record of the Increases and Decreases in a Specific

question 146

Multiple Choice

A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n) :

• A) Journal.
• B) Posting.
• C) Trial balance.
• D) Account.
• E) Chart of accounts.

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Definitions:

Normal Returns

The minimum profit necessary for a company to remain competitive in the market, essentially covering opportunity costs.

Perfectly Elastic

Describes a situation in demand or supply where the quantity demanded or supplied changes infinitely in response to any change in price.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit, which leads to price being equal to marginal cost.

Monopoly Market

A market structure where a single seller dominates, without any close substitutes for the product or service.