Match the Following Terms with Their Correct Definition

question 31

Multiple Choice

Match the following terms with their correct definition.
-a chronological record showing the debit and credit effects of transactions on a company

• A)account
• B)accounting cycle
• C)chart of accounts
• D)cost vs. benefit
• E)credit
• F)debit
• G)event
• H)general ledger
• I)journal
• J)trial balance

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Definitions:

Resource Use

Refers to the way in which human societies utilize natural resources to fulfill their needs and wants.

Purely Competitive Conditions

Market situations in which a large number of firms produce identical products, and there is no single seller who can influence the market price.