Who owns the economic resources in a market economy?

Which of the following statements best defines setup time?

A) It is the time required to manufacture an item, including order preparation time, inspection time, and customer delivery time. B) It is the time required to get equipment, tools, and materials ready to start the production of a component or product. C) It is a time or period ranging from the time when a customer orders goods to the time when they are delivered to the customer. D) It is the time required to create a new product to be sold by a business to its customers.

Which of the following errors will cause the trial balance totals to be unequal?

A) amount incorrectly entered on the trial balance B) failure to record a transaction or to post a transaction C) recording the same transaction more than once D) recording the same erroneous amount for both the debit and the credit parts of a transaction E) posting a part of a transaction correctly as a debit or credit but to the wrong account