The Class Option Bank Is Needed for Accounts Used for -

question 27

Multiple Choice

The class option Bank is needed for accounts used for -

• A)payments by cheque in the purchases and payments journals
• B)deposits of receipts from customers
• C)credit card receipts from customers
• D)a and b above are correct

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Definitions:

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply in the market.

Bumper Crops

Exceptionally large harvests of crops, usually resulting from favorable growing conditions.

Gross Incomes

The total income received before any deductions or taxes are subtracted.

Price Elasticity

An indicator of the degree to which the demand for a product is affected by fluctuations in its price, showing how sensitive buyers are to variations in cost.