Under a Communist System

question 53

Multiple Choice

Under a communist system,

• A)consumer decisions are not influenced by prices.
• B)resources are owned and controlled by the government.
• C)individual freedom is maximized.
• D)the market guides resources,but the state dictates what should be produceD.

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Definitions:

Special Ledger

A set of subsidiary accounts or a separate bookkeeping system that provides detailed information in addition to the general ledger.

Accounting Systems

Systems designed to record, process, and report financial transactions systematically and accurately for a business entity.

Journal Entry

An accounting record that documents a business transaction in the ledger, specifying the accounts affected and the amounts.

Posted Twice

Accidentally recording a financial transaction or entry in the accounting records more than once, which can lead to discrepancies and require correction.