If Utopia Has a Closed Economy, the Number of Cases

question 17

Multiple Choice

If Utopia has a closed economy, the number of cases of tile consumed each is ________ per year, and if it has an open economy the number of cases of tile consumed is ________ per year.

• A)200; 450
• B)300; 200
• C)300; 450
• D)450; 200

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Definitions:

Voucher System

A method of accounting in which each transaction is documented with a voucher, ensuring that every payment is authorized and accounted for properly.

Correct Order

The proper or desired sequencing of elements, items, or processes according to rules or guidelines.

Recording

The process of entering financial transactions into the accounting records of a business.

Voucher Register

A record of vouchers, which are documents evidencing expenditure or the transfer of funds.