An Account Is a Form or Record Used to Keep

question 16

True/False

An account is a form or record used to keep track of the increases or decreases in the individual assets,liabilities,owner's equity,revenues,and expenses of a business entity.

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Definitions:

Population

The total number of people inhabiting a particular country, area, or place.

Psychological Strain

Psychological strain refers to the stress or tension experienced by individuals due to various psychological pressures or challenges.

Economic Resources

The assets and inputs required for the production of goods and services, including land, labor, capital, and entrepreneurship.

Per Capita GDP

The gross domestic product of a country divided by its population, providing a per person average that helps in comparing economic well-being across different nations.