If the Demand for Tires Goes Down When the Price

question 90

Multiple Choice

If the demand for tires goes down when the price of gas goes up,then tires and gas are:

• A)substitutes.
• B)complements.
• C)both expensive.
• D)both inexpensive.

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Definitions:

Accounts Receivable Control

Practices and procedures in place to monitor and manage the amounts owed to a business by its customers for goods or services delivered on credit.

Subsidiary Ledger

A detailed ledger that contains supporting information for a main accounting ledger, often used for accounts receivable or accounts payable.

Cash Receipts Journal

An accounting ledger in which all cash inflows or receipts are recorded.

Accounts Payable Subsidiary

A detailed ledger containing all individual creditor accounts, supporting the summary-level accounts payable figure in the general ledger.