Multiple Choice
Efficient financial markets fluctuate continuously because:
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1. Introduction to Accounting
Types of Accounting
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A _________ is a tangible item you sell for your business.
A
equity
B
liability
C
service
D
product
Verified step by step guidance1
Understand the question: The problem is asking for the correct term that describes a tangible item sold by a business.
Review the provided options: equity, liability, service, and product. Each term has a specific meaning in financial accounting.
Define each term: Equity refers to the owner's claim on the assets of the business. Liability is an obligation or debt owed by the business. Service refers to intangible work performed for customers. Product refers to a tangible item sold by the business.
Match the definition to the question: Since the question specifies a tangible item sold by the business, the correct term is 'product.'
Conclude that the correct answer is 'product' based on the definitions and the context of the question.
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