Primary Industries Are Generally Characterized By

question 5

Multiple Choice

Primary industries are generally characterized by:

• A)long-run average cost curves that become positively sloped at relatively low levels of output
• B)production techniques using a high degree of specialization
• C)decreasing average costs as production rises
• D)assembly-line techniques
• E)a significant range of production with constant returns to scale

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Definitions:

Cash Short

A situation where the actual cash on hand is less than the recorded amount in the accounting records, often resulting in a discrepancy during reconciliation.

Petty Cash Receipts

Documentation of small amounts of cash expenditures from a petty cash fund, used for minor business expenses.

Internal Control Problems

Weaknesses or failures in a company’s system of policies and procedures that govern its operations and financial reporting.

Gaps

Refers to missing elements or disparities in data, knowledge, or performance that need to be addressed.