-The Graph Shows the Market for Textbooks

question 55

Multiple Choice

-The graph shows the market for textbooks.If the government introduces a tax of $20 a textbook,then the price paid by buyers ________.

• A) increases by $20
• B) increases to $80 a textbook
• C) decreases to $60 a textbook
• D) is $70 a textbook
• E) does not change because the demand for textbooks is perfectly elastic

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Definitions:

Voucher Register

A journal that records all vouchers once they are approved, which includes amounts to be paid, to whom, and the accounts affected.

Approved Vouchers

Documents that have been verified and authorized for payment because they accurately reflect the goods or services received.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement to ensure accuracy.

Voucher System

A method of internal business control that involves a documented process for making disbursements and controlling expenditures.