In Order to Maintain Strong Internal Control in a Voucher

question 113

True/False

In order to maintain strong internal control in a voucher system,it is important for the voucher to be prepared by the officer who signs the cheques.

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Definitions:

Short-Run Aggregate Supply Curve

A curve that shows the relationship between the price level and the quantity of goods and services supplied in the economy in the short term, assuming input costs remain constant.

Short-Run Equilibrium

The price level and real GDP that result when the aggregate demand curve intersects the short-run aggregate supply curve.

Federal Funds Rate

The interest rate at which depository institutions lend reserve balances to other depository institutions overnight.

Price Stability

An economic condition in which prices remain largely stable, without rapid inflation or deflation.