Which of the Following Is Correct

question 333

Multiple Choice

Which of the following is correct?

• A) Labor force = number of employed.
• B) Labor force = population - number of unemployed.
• C) Unemployment Rate = number of unemployed ÷ number of employed + number of unemployed) × 100.
• D) Unemployment Rate = number of unemployed ÷ adult population × 100.

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Definitions:

Correcting Entry

An accounting entry made to correct any erroneous or previously misunderstood transactions recorded in the financial statements.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal to ensure the accounting system's mathematical correctness.

Errors

Errors are mistakes or inaccuracies that occur in financial statements or other business documents, often necessitating corrections.

Debits

The left side of an accounting ledger where increases in expenses, assets, or decreases in liabilities and equities are recorded.