Match each of the following transactions and events to the accounting principle applicable to recording and reporting them:
Definitions:
Equilibrium Price
The price at which the quantity of goods supplied equals the quantity of goods demanded in the market.
Equilibrium Quantity
The volume of goods or services that are both provided and required at the market equilibrium price.
Market For Candy
The market for candy refers to the economic environment where candy products are bought and sold, involving consumers, manufacturers, and retailers, influenced by trends, tastes, and economic factors.
Surplus
The amount of an asset or resource that exceeds the portion that is actively utilized.
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