Examlex
Which of the following accounts would be included in the chart of accounts of a merchandising company using the: (a) periodic inventory system, (b) perpetual inventory system, or (c) both systems?
(1) Purchases
(2) Freight in
(3) Sales Returns and Allowances
(4) Delivery Expense
(5) Purchases Returns and Allowances
Allocated Efficiently
Refers to the optimal distribution of resources and goods in a way that maximizes the welfare or utility of consumers.
External Costs
Expenses that a business or economic activity imposes on unrelated third parties or the environment, which are not reflected in market prices.
External Benefits
External Benefits are positive effects of a production or consumption activity on third parties who did not directly participate in the economic transaction.
Living in Poverty
The condition of having insufficient resources or income to meet basic life needs.
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