All of the Following Contributed to the Growth of Trade

question 57

Multiple Choice

All of the following contributed to the growth of trade in the fourteenth century except ______________.

• A) improvements in navigation
• B) surplus agriculture for urban markets
• C) refinements in merchants' contracts
• D) new commercial techniques
• E) improved record keeping

Understand the components and significance of a voucher system in controlling cash receipts and disbursements.

Comprehend the cost-benefit principle underlying the adoption of internal control features by a company.

Recognize the responsibility of management in establishing an effective system of internal control.

Appreciate the objectives of a system of internal control, including the safeguarding of assets.

---

Definitions:

Expense Account

An accounting entry that represents consumption of assets, decrease in owners' equity, or incurrence of liabilities during a period as a result of operational activities.

Asset Account

A classification within financial accounting that reports the value of a company's long-term resources, such as property, equipment, and intellectual property.

Computer

An electronic device that executes specific tasks or calculations according to a set of instructions or software.

Utilized

Employed or made use of effectively.