Use the Information Below to Answer the Following Questions

question 3

Multiple Choice

Use the information below to answer the following questions.
Fact 2.4.1
In an eight-hour day, Andy can produce either 24 loaves of bread or 8 kilograms of butter. In an eight-hour day, Rolfe can produce either 8 loaves of bread or 8 kilograms of butter.
-Given Fact 2.4.1, the opportunity cost of producing 1 loaf of bread is

• A)20 minutes (1/3 hour)for Andy and 1 hour for Rolfe.
• B)1/3 kilogram of butter for Andy and 1 kilogram of butter for Rolfe.
• C)3 kilograms of butter for Andy and 1 kilogram of butter for Rolfe.
• D)8 kilograms of butter for both Andy and Rolfe.
• E)not calculable from the given information.

---

Definitions:

Reconciliation

The process of ensuring that two sets of records (usually the balances of two accounts) are in agreement, by identifying discrepancies and making appropriate adjustments.

Internal Control

A process implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Bank Statement

A document issued by a bank that summarizes a customer's transactions, including deposits, withdrawals, and balances over a specific period.

Accounts Receivable Turnover Ratio

A financial metric indicating how effectively a company collects its receivables or money owed by customers.