Exhibit 1-7 -Refer to Exhibit 1-7. Point E

question 76

Multiple Choice

Exhibit 1-7
-Refer to Exhibit 1-7. Point E

• A)occurs when resources are not efficiently allocated.
• B)may be attained with a sufficient improvement in technology.
• C)can be attained with existing resources.
• D)is impossible to attain, even in the future.
• E)shows the most efficient use of valuable resources.

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Definitions:

Purchase Order

A document issued by a buyer to a seller, indicating the types, quantities, and agreed prices for products or services.

Vendor

A business or person that sells goods or services.

Bank Reconciliation

The process of comparing and matching figures from the accounting records against those presented on a bank statement to ensure they match and are correct.

Check Amount

The sum of money written on a check that the drawee is directed to pay.