Important Control Features Provided by a Voucher System Do NOT

question 103

Multiple Choice

Important control features provided by a voucher system do NOT include:

• A) assure all invoices are paid.
• B) centralize the recording of all expenditures in one place-the voucher register.
• C) include using the check register along with the voucher register.
• D) assure only approved invoices are paid.

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Definitions:

MR = MC Rule

A principle in economics stating that profit maximization occurs when marginal revenue equals marginal cost.

Short Run

A period in economics where at least one input is fixed and cannot be changed.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.

Allocative Efficiency

A condition where resources are distributed according to consumer preferences, optimizing utility for both producers and consumers.