If at a Given Price, the Amount by Which Quantity

question 155

Multiple Choice

If at a given price, the amount by which quantity demanded exceeds quantity supplied, there is _____.

• A) supply
• B) demand
• C) equilibrium
• D) a surplus
• E) a shortage

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Definitions:

Trial Balance

A summary listing of the titles and balances of accounts in the ledger.

Drawing Account

An account used to record amounts withdrawn by the owner of a business for personal use.

Closing Entry

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones, preparing for the next period.

Pre-closing Trial Balance

A financial report listing all the account balances in the general ledger before adjusting entries are made for the preparation of financial statements.