The Steps Involved in Handling All of the Transactions and Events

question 65

Multiple Choice

The steps involved in handling all of the transactions and events completed during an accounting period,beginning with placing data in a book of original entry and ending with a post-closing trial balance,are referred to collectively as

• A) input.
• B) processing.
• C) output.
• D) the accounting cycle.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price, holding all else constant.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, typically used to assess inflation.

Inflation Rate

The growth rate in the common price range for goods and services, downgrading the practical purchasing scope.

Money Supply

The aggregate financial assets at a specific time in an economy.