In 2008, Armenia Had a Real GDP of $4

question 210

Multiple Choice

In 2008, Armenia had a real GDP of $4.21 billion and a population of 2.98 million. In 2009, real GDP was $4.59 billion and population was 2.97 million. What was Armeniaʹs economic growth rate from 2008 to 2009?

• A) 8.3 percent
• B) 3.8 percent
• C) 9.0 percent
• D) 0.38 percent

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made for revenues earned, expenses incurred, and depreciation, ensuring the total debits equal the total credits before financial statements are prepared.

Adjusting Entries

are journal entries made at the end of an accounting period to adjust income and expense accounts so that they comply with the accrual concept of accounting.

Adjusting Entries

Entries made in journal accounts to correct any discrepancies and ensure that the revenue and expense recognition principles are followed accurately.

Relevant Financial Information

Financial data that is capable of making a difference in business decisions, being timely and having predictive and confirmatory value.