A Company Which Uses Special Journals Should Record a Transaction

question 22

Multiple Choice

A company which uses special journals should record a transaction involving the purchase of merchandise for cash in a

• A) single-column purchases journal.
• B) multiple-column purchases journal.
• C) cash payments journal.
• D) general journal.

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Definitions:

Marginal Product

The additional output that is produced by adding one more unit of a factor, such as labor or capital.

Bushels

A measure of volume that is used for quantities of grain, fruit, or other produce.

Variable Input

Variable input refers to a production factor that can be adjusted in the short term to increase or decrease production output.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its capacity to adjust fully to changes in market demand.