Accounting Software Traditionally Uses Two Different Types of Files

question 74

Multiple Choice

Accounting software traditionally uses two different types of files.The file type that is the set of relatively temporary records that will be process to update the permanent file is referred to as a(n) :

• A)Master File
• B)General File
• C)Transaction File
• D)Subsidiary File

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Definitions:

Monopoly Profits

The excess profits earned by a monopoly as a result of its ability to set price above marginal costs due to lack of competition.

Duopoly

A market structure dominated by two firms, each of which has significant control over the market price.

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at different prices.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies as the quantity of output sold changes, typically downwards sloping for firms in imperfectly competitive markets.