Input Prices Increase,all Else Equal

question 17

Multiple Choice

input prices increase,all else equal,

• A)quantity supplied will decrease.
• B)supply will increase.
• C)supply will decrease.
• D)demand will decrease.

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Definitions:

Approved Voucher

A document that authorizes a payment and records the details of the transaction, having been reviewed and approved for payment.

Separation Of Duties

An internal control measure that prevents fraud and errors by dividing responsibilities among different employees.

Unpaid Voucher File

A file that keeps track of vouchers which have been issued but not yet paid.

Cash Discounts

A reduction in the invoice amount by a seller, offered to the buyer in return for early payment of their bill.