As a General Rule, Technological Progress

question 94

Multiple Choice

As a general rule, technological progress

• A) shifts the production possibilities curve outward, away from the origin.
• B) reduces the slope of the production possibilities curve, making it flatter.
• C) increases the slope of the production possibilities curve, making it steeper.
• D) shifts the production possibilities curve inward, toward the origin.

Know how Customer Transactions are handled and documented in QBO.

Grasp the concept and application of double entry accounting.

Understand the process of entering transactions into QBO and the implications on financial records.

Recognize the importance of regularly updating QBO Lists and the Chart of Accounts for accurate financial tracking.

---

Definitions:

Predetermined Overhead Rate

A rate calculated before the accounting period begins, used to allocate projected overhead costs to products or services based on expected activity levels.

Actual Cost Driver

A factor that directly impacts the expenses associated with a specific activity, determining the actual costs incurred.

Budgeted Overheads

The estimated costs for overhead (indirect costs such as utilities, rent, and administrative salaries) that are planned or budgeted for a specific time period.

Wage Payable

The amount of salary or wages that a company owes to its employees at the end of a financial period but has not yet paid.