The "Basket of Goods" Included in the Consumer Price Index

question 224

True/False

The "basket of goods" included in the Consumer Price Index has remained the same over the years so the government can make accurate year-to-year comparisons about the rate of inflation.

---

Definitions:

Subsidiary Ledger

A detailed ledger that provides a breakdown of individual transactions affecting a control account in the general ledger, such as accounts receivable or accounts payable.

General Ledger

The master set of accounts that summarize all transactions occurring within an entity, serving as the main accounting record.

Special Journals

Accounting records that are used for the repeated recording of similar types of transactions, such as sales or purchases.

Control Accounts

An account in the general ledger that summarizes and aggregates the details of a subsidiary ledger.