Table 5-2 -Refer to the Table 5-2.What Is the National Income for National

question 104

Multiple Choice

Table 5-2
-Refer to the Table 5-2.What is the national income for this economy?

• A) $382
• B) $392
• C) $396
• D) $398

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Definitions:

Purchases Journal

A record of all purchases of goods and services on credit, aimed at simplifying the accounting process.

Voucher Register

A record of vouchers that have been prepared, detailing amounts to be paid, accounts affected, and supporting documentation.

Voucher System

A control mechanism in accounting wherein vouchers are prepared as evidence of authorization before transactions are recorded.

Purchase Order

A form used in business to place an order for the buying of goods from a seller.