According to Data Compiled by the Bureau of Economic Analysis

question 88

Multiple Choice

According to data compiled by the Bureau of Economic Analysis, in 2015, total government spending (comprising purchases and transfers) in the U.S. was about

• A) 10 percent of the economy's total output.
• B) 33 percent of the economy's total output.
• C) 60 percent of the economy's total output.
• D) 75 percent of the economy's total output.

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Definitions:

General Ledger

A complete record of all financial transactions over the life of a company, serving as the primary source of data for all financial reports.

Sales Journal

A specialized accounting journal used to record all sales transactions on credit.

Accounts Receivable

Unpaid customer balances for goods provided or services rendered by a business.

Sales Revenue

Funds received by a company for products sold or services delivered.