Approaches to Measuring GDP Include All of the Following Except

question 42

Multiple Choice

Approaches to measuring GDP include all of the following except the

• A) cost approach.
• B) product approach.
• C) income approach.
• D) expenditure approach.

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Definitions:

Physical Inventory

The manual count of all merchandise or stock in a store or warehouse at a particular time.

Estimated Returns Inventory

A reserve of products anticipated to be returned by customers, accounting for potential future merchandise returns.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the company’s books for the next period.

Perpetual Inventory System

An approach to inventory management where updates to inventory records are made in real-time after each purchase, sale, or return transaction.