Refer to the Information Provided in Table 22 The Data in the Table Was Used to Estimate the Answer

question 41

Multiple Choice

Refer to the information provided in Table 22.2 below to answer the question(s) that follow.
Table 22.2
$$\begin{array} { | c | c | c | } \hline \text { Point } & \begin{array} { c } \text { Aggregate } \\\text { Income } ( Y ) \end{array} & \begin{array} { l } \text { Aggregate } \\\text { Consumption } ( C ) \end{array} \\\hline \boldsymbol { A } & 10 & 14 \\\hline B & 20 & 23 \\\hline C & 30 & 25 \\\hline D & 40 & 26 \\\hline E & 50 & 34 \\\hline F & 60 & 39 \\\hline\end{array}$$ The data in the table was used to estimate the following consumption function: C = 12 + 0.4Y
-Refer to Table 22.2. The error for point A is equal to

• A) -3.
• B) -2.
• C) +2.
• D) +3.

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Definitions:

Unexpired Insurance

The portion of the insurance premium that has not yet expired or been used up, considered a prepaid expense.

Office Supplies

Consumable items that are used in the daily operations of an office like pens, paper, and staplers.

Adjusting Entry

A journal entry made in accounting to update the record of revenues earned or expenses incurred that have not been previously recorded.

Physical Count

The process of manually counting and verifying the quantities of inventory on hand at a specific point in time.