Examlex
Which of the following correctly states the leakages-injections approach to GDP?
Sales Returns and Allowances
Refers to the process of refunding or reducing the sale price for previously sold goods that are returned or for which concessions are made.
Accounts Payable
The amount a company owes to suppliers or vendors for goods or services received but not yet paid for.
Debit
An entry recorded on the left side of a bookkeeping ledger for a transaction that increases asset or expense accounts, or decreases liability, equity, or revenue accounts.
Sales Tax Payable
A liability account that records the amount of sales tax collected from customers, which is owed to the government.
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