Josephine Debit Recently Started Work with New Beginnings Ltd

question 115

Multiple Choice

Josephine Debit recently started work with New Beginnings Ltd.It is her first job and she doesn't have a lot of accounting experience.When recording the sales for the day, she debited sales and credited cash.The entry is

• A)correct.
• B)an error.
• C)an irregularity.
• D)not necessary.

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Definitions:

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition and often higher prices for consumers.

Differentiated Product

A product that is distinct from similar products offered by competitors because of features, branding, quality, or other attributes.

Price Elasticity Of Demand

A measure of how much the quantity demanded of a good responds to a change in price.

Price Discrimination

The strategy of selling the same product or service at different prices to different customers, based on their willingness to pay.