Which of the Following Would Be Counted in This Year's

question 166

Multiple Choice

Which of the following would be counted in this year's GDP?

• A)your donation today of $100 to the Red Cross
• B)the rental payment you made today on a house built last year
• C)your purchase today of a house built last year
• D)your purchase of 100 shares of Wal-Mart stock

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Definitions:

Unusual Item

An event or transaction that is not expected to recur frequently or that is unusual in nature, affecting a company's financial statements.

Prior Period

Referring to a previous time frame in financial reporting or analysis.

Unusual Item

A term used in financial accounting to refer to gains or losses that are infrequent or unusual in nature, not part of the company's ordinary operations.

Accounting Method

A set of rules used to determine when and how income and expenses are reported in the financial statements.