David Finds He Has One Hour of Time in the Evening

question 158

Multiple Choice

David finds he has one hour of time in the evening to allocate on the first day of the new semester.He can do one of two things.He can watch TV for one hour or he can open his economics textbook and read for an hour.The benefit of watching TV is 30;the benefit of reading about economics is 20.
-The opportunity cost of watching TV is __________ and the opportunity cost of reading about economics is __________.

• A) 20;30
• B) 0;0
• C) 30;20
• D) -20;-30
• E) indeterminate;indeterminate

Recognize the steps involved in recording business transactions.

Analyze changes in owner's capital.

Understand the basic concepts of owner's equity and its computation.

Grasp the fundamental steps in the accounting recording process, including journalization, ledger posting, and preparing trial balances.

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