A More Structured Format That Is Similar to a T-Account

question 242

Short Answer

A more structured format that is similar to a T-account in that it has columns for debits and credits, but that is different in that it has columns for transaction date, explanation, and the account balance is the ________.

---

Definitions:

Rent Ceiling

A form of price control where a maximum limit is placed on the rent that can be charged for housing.

Equilibrium Rent

The rental price at which the quantity of properties landlords are willing to lease equals the quantity that tenants are willing to rent.

Quota

A type of trade restriction that limits the quantity of a good that can be imported or exported during a specific time period.

Market

Any structure that allows buyers and sellers to exchange any type of goods, services, and information.