In the Typical CPI Shopping Basket, Which of the Categories

question 178

Multiple Choice

In the typical CPI shopping basket, which of the categories below represents the largest percentage of consumer spending?

• A)​housing
• B)​food & beverages
• C)​transportation
• D)​medical care

---

Definitions:

Accounting Period

A specific period of time for which financial accounts are prepared, commonly a year or a quarter.

Salaries Expense

Represents the total amount paid to employees as wages or salaries before any deductions, recognized in the accounting period in which employees' services are utilized.

Year-End Adjusting Entry

An accounting entry made at the end of a fiscal year to update accounts for revenues earned or expenses incurred but not yet recorded.

Credit To Cash

A financial transaction where received credits (receivables) are converted into cash, often through collections or sales.