Which of the Following Statements Is True

question 2

Multiple Choice

Which of the following statements is true?

• A)All accounting systems in use today are computerized systems.
• B)All accounting systems, whether computerized or not, must capture data, process the data, and provide outputs
• C)It is not necessary for an accounting system to maintain summary information if it maintains detail information.
• D)The general ledger will be summarized and then posted to the subsidiary ledger.

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Definitions:

Average Cost

It refers to the total cost divided by the number of goods or services produced.

Monopolist

A sole provider of a good or service in a market, facing no direct competition, which often results in the power to set prices.

Marginal Cost

The cost associated with producing an additional unit of a product, emphasizing its importance in economic decision-making.

Average Cost

The total cost of production divided by the quantity produced, measuring the cost on a per-unit basis.