Which of the Following Statements Is True

question 200

Multiple Choice

Which of the following statements is true ?

• A)National income is total income earned by households whereas personal income is total income received by households (including transfer payments).
• B)Disposable personal income equals personal income minus personal taxes.
• C)The expenditures approach and the income approach yield the same GDP figure.
• D)All of these.

Comprehend the structure and purpose of a grouped frequency distribution table.

Grasp the concepts of intervals in frequency distribution tables, including their size, overlap, and the representation of data nature.

Identify variables suitable for summarization in a grouped frequency distribution table.

Understand the definitions and roles of real limits, real lower limits, and real upper limits in a frequency distribution table.

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Definitions:

Reversing Entry

An accounting technique that negates the impact of the previous entry, often used to simplify bookkeeping for accruals and deferrals.

Depreciation

The process of allocating the cost of a tangible asset over its useful life to account for the loss of value over time.

Accrual

The accounting method that records revenues and expenses when they are earned or incurred, regardless of when the cash is actually received or paid.

Prepaid Rent

An asset account that represents rent payments made in advance of the rental period to which they relate.