Table 8-1 -According to the Data in Table 8-1, the Value of the Value

question 183

Multiple Choice

Table 8-1
-According to the data in Table 8-1, the value of GNP is

• A)900
• B)950
• C)955
• D)960

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Definitions:

Account Sales

A detailed report provided by a consignee or an agent to the consignor detailing the sale of consigned goods, including prices obtained and associated costs.

Permanent Account

An account in the general ledger that is not closed at the end of the accounting period, with its balances carried over into the next period.

Temporary Account

A temporary account is an account that is closed at the end of each accounting period, with its balances transferred to permanent accounts, used to track revenues, expenses, and withdrawals during the period.

Retained Earnings

Cumulative net income minus dividends paid to shareholders, representing the business's reinvested profits.