A Voucher System Uses

question 156

Multiple Choice

A voucher system uses:

• A)vouchers, a voucher register and a cash receipts journal.
• B)vouchers, an inventory record, an unpaid voucher file and a paid voucher file.
• C)vouchers, a voucher register, an unpaid voucher file, a cheque register and a paid voucher file.
• D)vouchers, a purchase order register, an invoice register and a cheque register.

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Definitions:

Price Ceiling

A legally imposed maximum price on goods or services, preventing prices from rising above a certain level.

Shortage/Surplus

A situation where the quantity of a good demanded exceeds the quantity supplied (shortage) or the quantity supplied exceeds the quantity demanded (surplus).

Price Ceiling

A cap set by the government on the maximum price that can be asked for a good, service, or commodity.

Shortage/Surplus

An economic condition where the quantity demanded is greater than (shortage) or less than (surplus) the quantity supplied at the market price.