Checks from customers who pay their accounts promptly are called outstanding checks.

If a firm wants to increase revenue, it should increase the selling price of its product if it is currently producing in the ________ portion of its demand curve.

A) elastic
B) inelastic
C) unit elastic
D) perfectly elastic

Posting is performed by transferring information from the

A) source documents to the journal.
B) ledger to the journal.
C) source documents to the ledger.
D) journal to the ledger.

With respect to international trade,specialization means that

A) each country consumes what it produces.
B) labor is exported or imported in much the same way as other products.
C) most goods and services that are traded internationally are produced in only 1 or 2 nations.
D) each country consumes a small fraction of what it produces.
E) labor and other resources in a nation are used to produce the products and services for which they are best suited.

The legality of a tying arrangement depends in part on the agreement's likely effect on competition in the relevant markets.

Two main accounting principles used in accrual accounting are expense recognition and full closure.