A Chronological Record (Or History)of an Entity's Transactions Is Called

question 31

Multiple Choice

A chronological record (or history) of an entity's transactions is called a(n) :

• A) journal
• B) account
• C) source document
• D) ledger

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Definitions:

Producer Surplus

The discrepancy between the acceptable payment to producers for a good or service and the real compensation they receive.

Consumer Surplus

The variance between the sum consumers are ready and able to spend on a good or service and what they really pay.

Producer Surplus

The gap between the amount producers are prepared to accept for a product or service and the actual payment they get.

Maximum Sum

The largest possible aggregate or total achieved from combining specific elements or numbers.