Which of These Is NOT Identified as a Most Basic

question 68

Multiple Choice

Which of these is NOT identified as a most basic accounting concept?

• A)Business entity
• B)Costs and expenses
• C)Going concern
• D)Buy and sell

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Definitions:

Competitive Equilibrium

A market state where supply equals demand, with no external influences, and prices are such that the quantity supplied is equal to the quantity demanded.

Utility Function

A mathematical representation in economics of how a consumer's preferences correspond to the consumption of goods and services.

Endowed

Possessing a particular resource, asset, or attribute, either naturally or through a transfer, such as being given a sum of money or property.

Bromides

Compounds containing a bromine ion or a derivative thereof; in colloquial usage, a bromide is a commonplace or boring statement intended to placate or pacify.