A Debit Is Used to Record

question 45

Multiple Choice

A debit is used to record

• A) an increase in a liability account
• B) a decrease in an asset account
• C) a decrease in the withdrawals account
• D) an increase in an asset account
• E) an increase in a revenue account

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Definitions:

Real GDP

Real Gross Domestic Product measures a country's economic output adjusted for price changes, such as inflation or deflation, to reflect the true value of goods and services produced.

Recession

A phase of short-term economic downturn where business activities and manufacturing diminish, usually signaled by two successive quarters of GDP decrease.

Nominal GDP

Measures a country's gross domestic product using current prices, without adjusting for inflation or deflation, providing a raw economic output figure.

Real GDP Per Person

A measure of the economic output of a country adjusted for price changes (inflation or deflation) and divided by the total population.