For a Journal Entry to Be Complete, It Must Contain

question 17

Multiple Choice

For a journal entry to be complete, it must contain

• A) the date.
• B) a debit entry.
• C) a credit entry.
• D) an explanation.
• E) all of the answers listed.

---

Definitions:

Profit-maximizing

The business objective of achieving the highest possible profit from operations, achieved by balancing costs and revenues.

Factor Price

The payment received by a factor of production, for example, wages for labor, rent for land, or interest for capital.

Production Function

A mathematical representation of the relationship between inputs (such as labor and capital) and the maximum output that can be produced with those inputs.

Profit-maximizing

The process or strategy implemented by firms to determine the price and output level that returns the highest profit.