Special Journals Are Created, or Established, to Record Specific Types

question 31

Multiple Choice

Special journals are created, or established, to record specific types of transactions.Which of the following is not one of the special journals?

• A)Fixed Asset Journal
• B)Cash Receipts Journal
• C)Purchases Journal
• D)Payroll Journal

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Definitions:

Marginal Revenue

The extra revenue earned by selling an additional unit of a product or service.

Profit-Maximizing Monopolist

A monopolistic firm that seeks to maximize its profits by adjusting output or prices, considering its unique market power without competition.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Monopolist

An individual or company that possesses exclusive control over the supply or trade of a commodity or service.