When a Work Sheet Is Complete, the Adjustment Columns Should

question 19

Multiple Choice

When a work sheet is complete, the adjustment columns should have

• A) total credits greater than total debits if a net income was earned
• B) total debits greater than total credits if a net loss was incurred
• C) total debits greater than total credits if a net income was earned
• D) total debits equal total credits

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Definitions:

Opportunity Cost

The cost of the next best alternative foregone when making a decision.

Soybeans

Soybeans are a type of legume native to East Asia, widely grown for their edible bean which has numerous uses, including oil, meal, and as a vegetable.

Alfalfa

A perennial flowering plant often used in agriculture as fodder for livestock due to its high nutritional content and nitrogen-fixing properties.

Exchange Rate

The worth of one currency when converting it to a different one.