Accounting Information Systems Have Five Generic Elements

question 35

Multiple Choice

Accounting information systems have five generic elements.Which of the following pairs includes examples of two different elements within the context of the acquisition/payment process?

• A)Purchase requisition and schedule of accounts payable
• B)Journal entry that debits inventory and credits cash
• C)Separation of duties and a blind copy of the receiving report
• D)All of these

Understand the relationship between the elasticity of demand and supply and the efficiency loss of a tax.

Recognize how the elasticity of demand influences the tax burden on consumers.

Assess viewpoints on the incidence of corporate income tax.

Differentiate between the concepts of efficiency loss of a tax and tax revenue.

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Definitions:

Contribution Margin

The difference between sales revenue and variable costs, indicating how much revenue contributes to covering fixed costs and generating profit.