If a Work Sheet Is Used,it Is Prepared

question 48

Multiple Choice

If a work sheet is used,it is prepared

• A)after closing the accounts.
• B)after recording and posting adjustments.
• C)before preparing financial statements.
• D)before journalizing transactions.

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Definitions:

Utility

A measure of satisfaction or happiness that a consumer derives from consuming goods and services.

Income-Consumption Curve

Curve tracing the utility-maximizing combinations of two goods as a consumer’s income changes.

Utility-Maximizing

A principle or strategy of consumers making choices to achieve the highest overall level of satisfaction or utility from their available resources.

Inferior Good

An inferior good is a type of good for which demand decreases as the income of the individual increases, in contrast to a normal good.