Per Capita GNI Is Only a Reliable Measure When Used

question 73

Multiple Choice

Per capita GNI is only a reliable measure when used for countries that

• A) are based on a cash economy.
• B) make extensive use of bartering and non-cash transaction.
• C) have a socialist economic system.
• D) are not very economically developed.

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Definitions:

Process Costing

A costing method used in industries where production is continuous, assigning costs to units of output on an average basis.

Job-Order Costing

An accounting method used to track costs individually for each job, not by process or time period.

Custom Jewelry

Jewelry that is specifically designed and made to meet the unique preferences of an individual customer.

Conversion Costs

The sum of direct labor and manufacturing overhead costs required to convert raw materials into finished goods.