Journal Entries

question 2

Multiple Choice

Journal entries

• A)show all the accounts affected by a single event or transaction.
• B)provide a record of transactions.
• C)have the characteristics presented in choices a and b.
• D)summarize the effects of transactions on specific accounts.
• E)none of the above

---

Definitions:

Western Capitalism

A socio-economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined primarily by competition in a free market.

Natural Resources

Materials and components found in nature that can be used for economic gain or necessary for life, such as water, timber, and minerals.

Powerful Nations

Countries that possess significant political, economic, and military influence on a global scale.

Stratification

The hierarchical arrangement of individuals in a society based on factors like wealth, income, race, education, and power.