The Use of Special Journals to Record Transactions

question 120

Multiple Choice

The use of special journals to record transactions

• A) eliminates the need for a general ledger.
• B) can save time in the posting process.
• C) eliminates the need for a general journal.
• D) should only be used if the volume of transactions is small.

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Definitions:

Marginal Cost

The increment in total spending due to the manufacture of one more unit of a product or service.

Fixed Cost

Fixed Cost is a business expense that does not change with the level of goods or services produced within a certain period.

Variable Costs

Variable costs fluctuate with the level of output, increasing as production rises and decreasing as production falls.

Lawn-mowing

The process of cutting the grass in a yard or garden to maintain its appearance and health, often using a manual or motorized lawnmower.