As the Number of Tourists in a Village Increases During

question 66

Multiple Choice

As the number of tourists in a village increases during Christmas, the hotels in the locality temporarily increase the rates of accommodation to make profit.This is an example of:

• A)price skimming.
• B)external reference pricing.
• C)high/low pricing.
• D)market penetration pricing.
• E)odd pricing.

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Definitions:

Journal Entry

A journal entry is a record of a financial transaction in the accounting books, indicating the accounts and amounts to be debited and credited.

Outstanding Checks

Checks that have been written and recorded in the account ledger but not yet cleared or cashed by the bank.

EFT Deposit

An electronic funds transfer deposit, which represents the digital transfer of money into a bank account.

Petty Cash Fund

is a small amount of cash kept on hand by a business for making immediate and minor payments, reducing the need for check transactions.