Which of the Following Statements Are True

question 228

Multiple Choice

Which of the following statements are true?

• A)If the trial balance is in balance,it proves that no errors have been made in recording and posting transactions.
• B)The trial balance is a book of original entry.
• C)Another name for trial balance is chart of accounts.
• D)The trial balance is a list of all accounts from the ledger with their balances at a point in time.
• E)The trial balance is another name for the balance sheet as long as debits balance with credits.

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Definitions:

Price Elasticity

A measure of how sensitive the quantity demanded of a good or service is to a change in its price.

Price Sensitivity

The degree to which the price of a product affects consumers' purchasing behaviors.

Core Product

The fundamental benefit or solution that a customer receives from a product or service, which defines its primary value.

Commoditization

The process by which goods or services become undifferentiated in the eyes of the consumer, leading to competition primarily on price.