The Table Below Includes Data for a One-Year Period Required

question 60

Multiple Choice

The table below includes data for a one-year period required to calculate GDP from the expenditure side for a teeny-tiny economy. TABLE 20-1 Refer to Table 20-1.What is the value of GDP,as calculated from the expenditure side?

• A)$1982.60
• B)$1986.00
• C)$2010.00
• D)$2285.20
• E)$2584.40

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Definitions:

Subsidiary Ledger

A ledger containing the details to support a summary line item in the General Ledger, such as accounts receivable or accounts payable.

General Ledger

A comprehensive set of accounts that records all financial transactions of a business and is used to prepare financial statements.

One Column Purchases Journal

A simplified accounting journal used for recording the total monetary amount of purchases by a business.

Merchandise On Account

Purchasing goods from suppliers on credit, intending to pay at a later date, reflected in accounts payable.