Choose the One Most Appropriate Answer for Each

question 39

Multiple Choice

Choose the one most appropriate answer for each.
-Savanna

• A)"Swamp forest"; northern coniferous forest
• B)Undersea formations that are similar to islands in species diversity and abundance
• C)Broad belts of grasslands with a few scattered shrubs and trees; found in Africa, India, and Australia
• D)Extends around the shore of a lake to a depth where rooted aquatic plants stop growing
• E)Includes sediments and rocks on the ocean bottom
• F)Most structurally complex and species-rich biome; features nutrient-poor soil
• G)Chemoautotrophs are the primary producers
• H)Occurs at high altitudes throughout the world, rocky and nutrient-poor
• I)Coastal nurseries for marine animals supplied with nutrients by an influx of freshwater
• J)Vast expanses of land dominated by distinct kinds of plants that support characteristic communities

Differentiate between accrued revenue/expenses and deferred revenue/expenses and their respective treatments.

Understand the basics of adjusting entries and their impact on financial statements.

Identify the types and purposes of adjusting entries in accounting (accrued revenues, accrued expenses, deferred revenues, prepaid expenses).

Recognize the principles of revenue recognition and expense matching as they relate to the preparation of financial statements.

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Definitions:

Socially Efficient

A situation where resources are allocated in a way that maximizes the total benefit to society.

Monopoly

A market structure characterized by a single seller dominating the market, often leading to higher prices and lower output than in competitive markets.

Deadweight Loss

A decrease in economic efficiency occurring when a good or service does not reach its free market equilibrium.

Economic Profits

The difference between total revenue and total economic costs (including both explicit and implicit costs), representing the additional income above the opportunity cost.