The Amount by Which the Value of a Firm's Output

question 62

Multiple Choice

The amount by which the value of a firm's output exceeds the value of the goods and services the firm purchases from other firms is called

• A)profit.
• B)value added.
• C)markup rate.
• D)marginal cost.

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Definitions:

Account Receivable

Money owed to a company by its clients or customers for goods or services delivered or used but not yet paid for.

Internal Control

Methods and rules a company adopts to maintain the accuracy of financial and accounting data, encourage responsibility, and stop fraudulent activities.

Establishing Control Procedures

The process of implementing policies and procedures to ensure that an organization's objectives are achieved efficiently and effectively, reducing the risk of fraud or error.