To Calculate GDP Using the Expenditure Approach, in Part It

question 138

Multiple Choice

To calculate GDP using the expenditure approach, in part it is necessary to

• A) add imports and exports.
• B) add imports and subtract exports.
• C) add exports and subtract imports.
• D) subtract both exports and imports.

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Definitions:

Approved Invoice

An invoice that has been reviewed and authorized for payment by the designated party or department within a company.

Segregation Of Duties

A preventive internal control mechanism designed to reduce the risk of fraud and errors by ensuring that no single individual has control over all phases of a transaction or operation.

Cash Receipts

The collection of money, including coins, notes, check payments, or money orders, received by a business during a given period.

Internal Control

Internal control comprises the policies and procedures implemented by a company to safeguard its assets, ensure financial reporting accuracy, and comply with laws and regulations.