Answer:
D. Any of the above, depending on the transactions
Explanation:
The double entry principle simply means that any accounting transaction has two records: one credit, and one debit, and it depends on the nature of the transaction, and of the accounts involved which specific value is credited and which one is debited.
For example, if a firm purchases 100$ of office supplies with cash, the credited account is cash, because cash is reduced by $100, while the office supplies account is debited by the same value.
If a firm sells 100$ of office supplies instead, the office supplies inventory is credited for this value, while the same amount of cash is debited for this same amount.
Answer:
Lack of competition
Explanation:
A centrally planned economy lack competitiveness. The government decides what to produce, the price, and the distribution channel. Because of these restrictions, there is no motivation for profits. Without competition, a centrally planned economy will have the following features.
- There be a lot of inefficiency and wastefulness.
- Consumers will not have a variety of goods and services to choose from in the markets.
- Businesses will make low profits.
Answer:
Privatization
Explanation:
Privatization is a process in which the government sells companies it owns to private investors. This allows the industry to become less regulated as it has less government control which contributes to have a free market which is a system that has little or no control by the government. According to this, the process that Britain was using to create this economy is privatization.
