Balance Sheet Accounts Are of Three Basic Types, Asset, Liability

question 58

Multiple Choice

Balance sheet accounts are of three basic types, asset, liability and:

• A) income.
• B) equity.
• C) expense.
• D) bank.

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Definitions:

Midpoint Method

A technique used to calculate elasticity by averaging the two points on a demand or supply curve and considering the percentage change from the average.

Price Elasticity

A measure of the sensitivity of demand for a product or service to a change in its price.

Elasticity of Demand

An evaluation of how sensitively the demanded amount of a product responds to changes in price.

Demand Curve

An illustration that depicts the connection between how much of a product consumers want to buy and its cost.