The Chart of Account for the Miguel Company Includes Some

question 190

Multiple Choice

The chart of account for the Miguel Company includes some of the following accounts: On the journal page 5, the following transaction was found:
What is the post reference that will be found on the Salaries Expense account?

• A) 5
• B) 11
• C) 54
• D) None

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Definitions:

Market Failures

Situations where markets do not allocate resources efficiently on their own, leading to a loss of economic welfare.

Government Role

The activities undertaken by a government to regulate and administer economic, social, and political affairs.

Market System

An economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

Allocation of Resources

The distribution of scarce resources among various uses or people within an economy.