A Business's Source Documents

question 195

Multiple Choice

A business's source documents:

• A)include the ledger.
• B)Provide objective evidence that a transaction has taken place.
• C)must be in electronic form.
• D)are prepared internally to ensure accuracy.
• E)include the chart of accounts.

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Definitions:

Fundamental Questions

Basic questions that economies face regarding what to produce, how to produce, and for whom to produce, based on limited resources.

Unemployment

The failure to use all available economic resources to produce desired goods and services; the failure of the economy to fully employ its labor force.

Barter System

An economic system where goods or services are directly exchanged for other goods or services without using money.

Coincidence of Wants

A situation in a barter system where two parties each have a good or service that the other desires, allowing for a direct trade.