A Set of Procedures and Approvals for Verifying,approving and Recording

question 110

Multiple Choice

A set of procedures and approvals for verifying,approving and recording liabilities for eventual cash payment,and for issuing checks for payment only of verified,approved,and recorded liabilities is referred to as a(n) :

• A)Internal cash system.
• B)Petty cash system.
• C)Cash disbursement system.
• D)Voucher system.
• E)Cash control system.

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Definitions:

Production Possibilities Frontier

A graphical representation showing the maximum combinations of goods and/or services that can be produced with a fixed set of resources.

Opportunity Cost

The lost benefit that could have been enjoyed if the chosen option had not been taken, implying the trade-off of forgoing the next best alternative.

Efficient Production Process

A method of production that uses the least amount of resources to achieve the maximum output.

Resources And Technology

The combination of natural resources, human resources, and technology that firms use to produce goods and services.