Use the Following Scenario to Answer the Following Questions

question 67

Multiple Choice

Use the following scenario to answer the following questions:
Natasha can produce either 5,000 pounds of cheese or 20 houses per year.Jameson can produce either 5,000 pounds of cheese or 10 houses per year.
-If both Natasha and Jameson produce only cheese,how many pounds of cheese can they produce per year?

• A) 2,500
• B) 5,000
• C) 7,500
• D) 10,000
• E) 12,500

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Definitions:

Cash Over and Short

An account that records discrepancies between physical cash and recorded amounts due to errors or theft.

Journal Entry

A record of a financial transaction that includes the date of the transaction, the affected accounts, the amounts, and a brief description.

Petty Cash

A small amount of cash on hand used for minor, incidental expenses of a business to avoid writing checks.

Cash Over and Short

An accounting line item that indicates the discrepancies between the amount of cash in the register and the amount of cash according to the accounting records.