The Index of the Total Output of Goods and Services

question 13

Multiple Choice

The index of the total output of goods and services produced in a national economy is called the

• A)inflation index.
• B)gross domestic product.
• C)monetary fund.
• D)consumer price index.

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Definitions:

Revised Amounts

Adjusted figures in financial statements or budgets to reflect changes from previously reported or estimated numbers.

Straight-Line Method

A method of calculating depreciation for an asset, spreading the cost evenly over its useful life.

Depreciation Expense

It is an accounting method of allocating the cost of a tangible asset over its useful life.

Residual Value

The estimated amount that an asset will realize upon its disposal at the end of its useful life.