A Recession Can Best Be Defined as a Period of Time

question 56

Multiple Choice

A recession can best be defined as a period of time in which

• A)total output of the economy falls.
• B)total output of the economy rises very slowly.
• C)total unemployment falls.
• D)total international trade fails to rise.
• E)Both a and c

---

Definitions:

Ledger

A book or other collection of financial accounts of a particular type or for a specific purpose in accounting.

Journal

A formal record where all financial transactions of a business are initially recorded, date-wise, before being posted to the general ledger.

Trial Balance

A statement that lists all the balances of the general ledger accounts of a business at a particular time to check the correctness of double-entry bookkeeping.

Ledger Balance

The total balance of all accounts in a ledger at a particular point in time, reflecting the current financial position.