In 2011,the U.S.GDP Was Approximately

question 65

Multiple Choice

In 2011,the U.S.GDP was approximately

• A) $15.27 trillion.
• B) $5.15 trillion.
• C) $10.67 trillion
• D) $20.83 trillion

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Definitions:

External Reporting

The process of preparing and disclosing financial statements and other reports to stakeholders outside the organization.

Variable Costing

An accounting method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in product costs.

Total Product Cost

Sum of all costs directly or indirectly related to the creation of a product, including materials, labor, and overhead.

Variable Costing

An accounting method that considers only the variable manufacturing costs as product costs, treating fixed manufacturing overhead as a period expense.