A Recession Is a Period with

question 5

Multiple Choice

A recession is a period with

• A)negative growth rate in real GDP that lasts at least one quarter.
• B)positive growth rate in real GDP that lasts at least one quarter.
• C)positive growth rate in real GDP that lasts at least two quarters.
• D)negative growth rate in real GDP that lasts at least two quarters.
• E)a slowdown in real GDP growth but not necessarily negative real GDP growth.

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Definitions:

Increase Side

Refers to the side (debit or credit) of an account that is used to increase its balance, varying by account type.

Normal Balance

The side (debit or credit) on which increases are recorded in an accounting ledger; varies depending on the account type (asset, liability, equity, revenue, or expense).

Post Reference Column

A column in journal and ledger accounts that helps in cross-referencing entries between these two accounting records.

General Journal

A comprehensive record of financial transactions over the life of a company, listed in chronological order.