Knowledge Check 01 Which of the following is a correct statement regarding control of over-the-counter cash receipts: multiple choiceThe clerk with access to cash should also have access to the cash account in the general ledger. The cashier should have access to the accounting records. The supervisor should compare the register transactions with the cash receipts report to make sure that both are correct. The clerk and the cashier should work closely together when handling the cash and recording the amount in the accounting records.

The supervisor should compare the register transactions with the cash receipts report to make sure that both are correct.

Explanation:

The cash register shows the actual amount of money that is collected by the business during the day and the cash receipts journal records the cash collected.

There is therefore a need to ensure that these two tally up as a control method. The supervisors should therefore check for this and if they find that these two are not the same, it means that there is an error somewhere that needs to be rectified.

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.