Match Each Term with Its Definition

question 16

Multiple Choice

Match each term with its definition.
-Information that is needed on a day-to-day basis in order for a company to conduct business

• A)accounts payable
• B)expenditure
• C)invoice
• D)PDF
• E)fees
• F)petty cash
• G)accounting
• H)bookkeeping
• I)operating information
• J)managerial accounting information

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Definitions:

Marginal Social Cost

The total cost to society of producing one additional unit of a good, including both the private costs and any external costs.

Efficient Level

An optimal point where resources are utilized in the most productive manner without waste, achieving the best outcome.

Positive Externality

A beneficial effect experienced by a third party as a result of an economic transaction or activity between others.

Negative Externality

A cost that affects a party who did not choose to incur that cost, often a byproduct of production or consumption.