Match Each Term with Its Definition

question 39

Multiple Choice

Match each term with its definition.
-Total amount of cash and checks should be recorded on this when using a manual method of bookkeeping

• A)electronic health records software
• B)pegboard system
• C)cash control sheet
• D)trial balance
• E)assets
• F)single-entry bookkeeping system
• G)double-entry bookkeeping system
• H)fully integrated ledger system
• I)garbage in,garbage out
• J)cost estimate sheet
• K)office policy
• L)professional discount

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Definitions:

Profit-Maximizing

The process or strategy of adjusting production and pricing to achieve the highest possible profit within a market.

ATC

Average Total Cost; this refers to the total cost per unit of output incurred when producing goods or services.

Long-Run Equilibrium

A state in market conditions where all firms in a perfectly competitive industry earn zero economic profit, leading to the optimal distribution of resources in that industry.

MR

Stands for Marginal Revenue, which is the additional revenue gained from selling one more unit of a product or service.