Consider a Closed Economy in the Long Run

question 72

Multiple Choice

Consider a closed economy in the long run.A country with a low national saving rate (as a fraction of real GDP) is likely to have

• A)a high growth rate because aggregate expenditure will be high out of any given income.
• B)either a high or low growth rate depending on the investment schedule.
• C)an AS curve moving continually to the right.
• D)trouble achieving potential real national income in the short run.
• E)a low growth rate because sustained high investment is not possible with low saving.

Comprehend the principles of internal control within the context of job order cost accounting.

Know the impact of sales on cost accounts like Cost of Goods Sold and Work in Process Inventory.

Differentiate between job order costing and process costing with respect to their application scenarios.

Understand the flow of costs in job order costing, including the recording of transactions related to raw materials, labor, and overhead.