Entries Are Listed in the Journal

question 174

Multiple Choice

Entries are listed in the journal:

• A)alphabetically.
• B)chronologically.
• C)with income statement accounts first and then balance sheet accounts.
• D)in order of importance.

---

Definitions:

Consumers

Individuals or entities that purchase goods and services for personal use or consumption.

External Costs

Costs incurred as a result of an economic activity that affects third parties who did not choose to incur that cost.

Free Enterprise

An economic system where private businesses operate in competition, largely free of state control, with the prices of goods and services determined by the open market.

Capital

Financial assets or the financial value of assets, such as buildings, machinery, and equipment, used to produce goods and services.