Match the Following Terms with the Appropriate Definition

question 235

Multiple Choice

Match the following terms with the appropriate definition.
-Beliefs that distinguish right from wrong,considered accepted standards of good and bad behavior.

• A)Internal users
• B)Fraud triangle
• C)Managerial accounting
• D)Ethics
• E)External users
• F)Certified Public Accountant (CPA)
• G)Financial accounting
• H)Accounting
• I)Recordkeeping

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Definitions:

Perfectly Competitive

A market structure characterized by many small buyers and sellers, identical products, and no barriers to entry or exit.

Profit Maximizing

The strategy or technique of optimizing production and pricing for the utmost profit.

AVC Curve

The Average Variable Cost curve, showing the per-unit variable cost of production at different levels of output.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.