Measurement of the Economic Effects on an Entity Involves Each

question 150

Multiple Choice

Measurement of the economic effects on an entity involves each of the following except

• A)quantification of effects.
• B)identification of the attribute to be measured.
• C)selection of an appropriate unit of measure.
• D)recording the economic effects in the financial statements.

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Definitions:

Satisfaction

The fulfillment of one's wishes, expectations, or needs, or the pleasure derived from this.

Marginal Benefit

The additional benefit or usefulness experienced by consuming or producing another unit of a good or service.

Marginal Cost

The supplementary cost of manufacturing another unit of a product or service.

Consume

The action of using up goods and services to satisfy personal or collective wants or needs.