Which of the Following Is the Last Step in the Daily

question 140

Multiple Choice

Which of the following is the last step in the daily control over cash receipts by mail?

• A) A mailroom employee sends all customer checks to the treasurer who has the cashier make the bank deposit.
• B) The controller opens the mail and sends the remittance advices to the accounting department.
• C) The controller compares the records of the day's bank deposit amount from the treasurer and the debit to Cash from the accounting department.
• D) The accounting department prepares journal entries to cash and the customers' accounts.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.

Labor Supply Curve

A graphical representation showing the relationship between the wages offered and the quantity of labor workers are willing to supply.

Backward-Bending

A term often used in labor economics to describe the supply curve of labor, which can bend backwards at higher wage levels, indicating that higher wages can lead to a decrease in labor supply.

Substitution Effect

The economic principle that as the price of a good or service rises (or incomes decrease), consumers will replace pricier items with less costly alternatives, holding the utility derived from consumption constant.