Which of the Following Are Used to Document Entries Made

question 4

Multiple Choice

Which of the following are used to document entries made to update the general ledger?

• A)general journal
• B)subsidiary journal
• C)subsidiary ledgers
• D)journal vouchers

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Definitions:

Elasticity of Demand

A determination of the responsiveness of consumer interest in a good due to price fluctuations.

Unit Elasticity

Describes a scenario in demand or supply where the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Total Revenue

The total income generated by a firm from its sales of goods or services, calculated as quantity sold times price.

Elastic

A term used to describe a situation where the demand or supply for a good or service significantly changes in response to a change in price.