Which of the Following Is a Nominal Quantity

question 62

Multiple Choice

Which of the following is a nominal quantity?

• A)The number of people unemployed
• B)The current price of a barrel of oil
• C)The number of cars produced in 2005
• D)The amount of coal mined in one month

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Definitions:

Depletion Expense

The allocation of the cost of natural resources over their useful life, representing the exhaustion of mineral, oil, or gas deposits.

Mineral Deposit

A naturally occurring accumulation of minerals that can be extracted for economic benefit.

Journalize

The act of recording transactions in an accounting journal, noting the debit and credit aspects of each transaction.

Straight-Line Method

A depreciation method that allocates an asset's cost evenly across its useful life.