The Collection of Accounting Data in Some Organized Way Is

question 122

Multiple Choice

The collection of accounting data in some organized way is:

• A)cost accumulation
• B)cost assignment
• C)cost tracing
• D)conversion costing

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Definitions:

Inelastic

A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied changes infinitely in response to any change in price.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance each other.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded.