Under a Voucher System, Every Liability Is Recorded at the Time

question 85

Multiple Choice

Under a voucher system, every liability is recorded at the time:

• A) of requisition of goods.
• B) of receipt of goods.
• C) of payment.
• D) the liability is incurred.

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Definitions:

Total Utility

The overall satisfaction or value a consumer gets from consuming a certain quantity of goods or services.

Marginal Utility

The added satisfaction a consumer gets from having one more unit of a good or service.

Demand Schedule

A table that lists the quantity of a good or service demanded by consumers at various price levels.

Marginal Utility Data

Information that quantifies the added satisfaction a consumer gains from consuming one more unit of a good or service.