Assume You Are Examining a Financial Statement Headed 'As at the 31

question 65

Multiple Choice

Assume you are examining a financial statement headed 'As at the 31 December 2014'. The heading indicates the statement is the:

• A) trial balance.
• B) income statement.
• C) statement of changes in equity.
• D) balance sheet.

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Definitions:

Invisible Hand

The concept that the self-regulating nature of the marketplace leads to the efficient allocation of resources through individuals pursuing their own self-interest, originally introduced by Adam Smith.

Federal Government

A system of government in which power is divided between a central authority and constituent political units, such as states or provinces.

Central Planning

An economic system where key decisions regarding production, investment, and distribution are made by the government or a central authority, rather than left to market forces.

Consumer Goods

Products and services that satisfy human wants directly.