A Complete Record of Each Transaction in One Place Is

question 89

Multiple Choice

A complete record of each transaction in one place is called a(n) :

• A)Account balance.
• B)Ledger.
• C)Journal.
• D)Trial balance.
• E)Cash account.

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Definitions:

Price Rises

Occurs when the cost of goods or services increases over a period of time, influenced by factors like inflation, supply and demand imbalances, or increased production costs.

Demand Is Elastic

A condition where the quantity demanded of a good or service is sensitive to changes in its price, illustrating a greater than proportional response.

Total Revenue

The total amount of money generated by the sale of goods or services before any costs are subtracted.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given time period.