A Student Should Recognize a Need to Study Manual Accounting

question 96

Multiple Choice

A student should recognize a need to study manual accounting systems because

• A) the structure of electronic systems differs greatly from manual systems.
• B) all small companies only use manual accounting systems.
• C) the software and hardware of electronic systems vary greatly which makes manual procedures more practical to study.
• D) companies that use manual systems hire more accountants.

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Definitions:

Perfectly Inelastic

A market situation where the quantity demanded or supplied does not change despite changes in price, represented by a vertical demand or supply curve.

Heroin Addicts

Individuals who suffer from the addiction to heroin, a highly addictive opioid drug.

Total Revenue

The aggregate revenue a business accumulates from its sales of products or delivery of services in a given period.

Relatively Inelastic

Describes a situation where the demand for or supply of a good or service is relatively unchanged when the price changes.