Which of the Following Statements Is Not Correct

question 96

Multiple Choice

Which of the following statements is not correct?

• A) the voucher system is used to improve control over cash disbursements
• B) the sum of the paid vouchers represents the voucher payable liability of the firm
• C) the voucher system permits the firm to consolidate payments of several invoices on one voucher
• D) many firms replace accounts payable with a voucher payable system

Understand and calculate confidence intervals for population means and proportions.

Comprehend the impact of changing confidence levels on the width of confidence intervals.

Understand the influence of sample size and population standard deviation on the margin of error.

Differentiate between the use of standard normal and t-distributions for constructing confidence intervals.

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Definitions:

Fixed Costs

Expenses that do not change with the level of output or activity, such as rent, salaries, and insurance premiums.

Break-Even

The point at which total revenues equal total costs, resulting in neither profit nor loss.

Break-Even Point

The level of production or sales at which total revenues equal total expenses, resulting in neither profit nor loss.

Profit And Loss Statement

A financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year.