For the US

question 47

Multiple Choice

For the U.S.economy,which of the following represents the largest component of GDP?

• A)imports
• B)investment
• C)government spending
• D)exports
• E) none of the above

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Definitions:

Income Summary

An account used in the closing process that summarizes the revenues and expenses for a specific accounting period.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues and expenses to show net profit or loss.

Debit Column

The left side of a ledger account where increases in assets and expenses, or decreases in liabilities, equity, and revenues are recorded.

Classified Balance Sheet

A balance sheet that categorizes assets as current assets or plant and equipment and groups liabilities as current or long-term liabilities.