Which of the Following Will Be Included in the Current

question 70

Multiple Choice

Which of the following will be included in the current year's gross domestic product (GDP) ?

• A) the sale price of equipment produced last year but sold this year
• B) the money spent by Kate on the purchase of new furniture
• C) the money spent by Barney on the purchase of his uncle's house
• D) the sale price of the stock purchased by John
• E) the opportunity cost of the time spent by Bruno cooking lunch for his neighbor

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Definitions:

Account Payable

The liability created by a purchase on account.

Credit Balance

A situation where the sum of credits in an account exceeds the sum of debits, often indicating a liability or revenue.

Cash Short

Cash Short refers to a situation where the actual amount of cash on hand is less than the recorded amount in the accounting records, indicating a discrepancy that needs investigation.

Cash Overages

A situation where the amount of cash in a cash register exceeds the amount expected based on sales records and receipts.