Which of the Following Statements Is True

question 2

Multiple Choice

Which of the following statements is true?

• A) Oil is classified as part of the resource category land.
• B) A person working for a company is classified as part of the resource category capital.
• C) A machine in a factory is classified as part of the resource category land.
• D) A person with the particular talent for organizing the resources of land,labor,and capital to produce goods,seek new business opportunities,and develop new ways of doing things is classified as part of the resource category labor.
• E) a and d

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Definitions:

Adjusting Entry

Journal entries made at the end of an accounting period to allocate income and expenditures to the appropriate period.

NSF Check

A cheque that cannot be processed because the writer's account lacks sufficient funds, standing for "Non-Sufficient Funds."

Debit Memorandum

A document or entry that records an adjustment or reduction in expenses payable to a vendor or an increase in inventory cost.

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the correct periods.