Solve the Problem. -Find the Gasoline Price Index for a Year in Which

question 116

Multiple Choice

Solve the problem.
-Find the gasoline price index for a year in which the cost of gasoline was $0.82 per gallon. Use the 1965 price as the reference value. In 1965, the cost of gasoline was 31.2 cents per gallon.

• A)2.6
• B)38
• C)262.8
• D)50.8

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Definitions:

Revenue Recognition

The accounting principle determining the conditions under which revenue is recognized and how it is measured; typically, it is recognized when it is earned and measurable.

Public Sector Accounting Board

A regulatory body responsible for setting accounting standards and financial reporting guidelines for public sector entities.

External Parties

Individuals or organizations that are not part of a company but have an interest or interaction with it, such as customers, suppliers, or regulators.

Government Business Organization

An entity directly operated by the government that engages in commercial activities, often with a public service or economic objective.