________ Means the Supply Curve Has Shifted to the Right,while

question 209

Multiple Choice

________ means the supply curve has shifted to the right,while ________ refers to a movement along a given supply curve in response to an increase in price.

• A)An increase in supply; a decrease in supply
• B)A decrease in supply; an increase in supply
• C)An increase in supply; an increase in quantity supplied
• D)A decrease in supply; a decrease in quantity supplied

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Definitions:

Revenue Recognition Principle

An accounting principle stating that revenue should be recorded when it is earned and realizable, regardless of when the cash is received.

Expense Recognition Principle

An accounting principle that states expenses should be recognized and recorded when they are incurred, regardless of the timing of cash payments.

Financial Statements

Papers that give a summary of a corporation's financial status, featuring the balance sheet, income statement, and statement of cash flows.

Fiscal Year

A 12-month period used for accounting purposes that may not coincide with the calendar year.