Table 16-5 the Table Below Pertains to Napandsnack,an Economy in Which the Which

question 368

Multiple Choice

Table 16-5
The table below pertains to Napandsnack,an economy in which the typical consumer's basket consists of 2 pillows and 15 hotdogs.

-Refer to Table 16-5.If the base year is 2011,then the CPI

• A) increased from 2009 to 2010 and increased from 2010 to 2011.
• B) increased from 2009 to 2010 and decreased from 2010 to 2011.
• C) decreased from 2009 to 2010 and increased from 2010 to 2011.
• D) decreased from 2009 to 2010 and decreased from 2010 to 2011.

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Definitions:

General Journal

A primary accounting record where financial transactions are entered before posting to specific accounts in the general ledger.

Sales Account

An account used to record the revenue from sales of goods or services by a company during a specific period.

Credit

A journal entry that results in an increase in a liability or equity account or a reduction in an asset or expense account.

Overstated

Describing financial statements or figures that have been reported at a value higher than the true or fair value.