Which of the Following Statements Is True About Entering Sales

question 33

Multiple Choice

Which of the following statements is true about entering sales tax codes in the general journal -

• A)when you enter a tax account and amount,the tax codes entry screen opens automatically
• B)when you enter a tax account and amount,the sales taxes button becomes available
• C)you can enter the tax codes as soon as you open the general journal
• D)you cannot enter tax codes in the general journal

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Definitions:

Market Power

The ability of a firm or group of firms to manipulate prices or output in a market.

Excess Capacity

The situation where a firm or an economy is producing less than its potential output, often indicating inefficiencies or a lack of demand.

Monopolistic Competition

A market structure characterized by many firms offering products that are similar but not perfect substitutes, allowing for some degree of market power.

Pure Competition

A market structure characterized by a large number of sellers and buyers, homogeneous products, and the ease of entering and exiting the market.