The Work Sheet Is Prepared

question 113

Multiple Choice

The work sheet is prepared

• A) after the closing entries have been entered into the journal.
• B) before the preparation of a trial balance.
• C) after the adjusting entries have been entered into the journal.
• D) before the preparation of financial statements.

---

Definitions:

Own Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, ceteris paribus.

Market Demand

The total quantity of a product or service that all consumers in a market are willing and able to purchase at different prices, over a specified period of time.

Affirmative Defense

A response to a plaintiff’s claim that does not deny the plaintiff’s facts but attacks the plaintiff’s legal right to bring an action. An example is the running of the statute of limitations.

Default Judgement

Default Judgement is a binding judgment in favor of either party based on some failure to take action by the other party, most often the failure to respond to a court summons.