Questions

The price elasticity of supply measures how the responsiveness of the quantity demanded of a commodity to changes it its prices; defined as the percentage change in quantity demanded divided by the percentage change in price.

Chemical weathering is the process of altering rocks chemically when they are broken down. It includes hydrolysis, oxidation, acid rain, etc...

Humans cannot digest cellulose because they are lacking with the enzymes responsible to breakdown the beta acetal linkages.

A Bank Reconciliation Statement is a statement prepared periodically by a customer to explain the divergence (difference) between the bank balance as per cash book and the bank balance as per Pass Book. It clearly shows the two differing balances and the outstanding items which causes the balances to disagree.

The objective of preparing such a statement is to know the causes of differences between the two balances and pass necessary correcting or adjusting entries in the books of the firm. But it is to be noted that some differences are automatically adjusted. For example - A cheque that has been sent for collection, but not yet collected, causes a difference between the balance as shown by the pass book and the balance as shown by the cash book, but no adjusting entry is required in the cash book for such a difference because, the bank will credit the firm’s account as soon as the cheque is collected.