Regarding the Ledger,which of the Following Statements Is Incorrect

question 158

Multiple Choice

Regarding the ledger,which of the following statements is incorrect?

• A) Both the chart of accounts and the ledger list the account names and numbers of the business.
• B) Companies use the ledger to fulfill the task of showing all of the increases and decreases in each account.
• C) Both the chart of accounts and the ledger provide the balance of each account at a specific point in time.
• D) The ledger provides more detail than the chart of accounts.

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Definitions:

Consumer Surplus

Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay, measuring consumer satisfaction.

Consumer Surplus

The discrepancy between what consumers are ready and capable of paying for a product or service and what they end up actually spending.

Alfred Marshall

A British economist, known for his significant contributions to classical economics, especially his work on the principles of economics, including the theories of supply and demand.

Marginal Utility

The additional satisfaction or utility gained by consuming one more unit of a good or service, which typically decreases with each additional unit consumed.