Which of the Following Statements Are Correct

question 181

Multiple Choice

Which of the following statements are correct?
I. The average economic growth rate in real GDP per person in the United States over the last century was 5 percent per year.
II. The United States has the highest economic growth rate of any nation.

• A) I only
• B) both I and II
• C) neither I nor II
• D) II only

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Definitions:

Debit Memorandum

A document issued by a buyer to a seller indicating a debit made to the seller's account, often due to returned goods or errors in the invoice.

Subsidiary Ledger

A subsidiary ledger is a detailed ledger containing individual accounts with a common characteristic, which is summarized and presented in a single account in the general ledger.

Control Account

A summary account in the general ledger that consolidates and reflects the total amount of transactions recorded in subsidiary ledgers for easier oversight and reconciliation.