If Real GDP Rose by 1 Percent Per Year and the GDP

question 27

Multiple Choice

If real GDP rose by 1 percent per year and the GDP deflator rose by 2 percent per year,the percentage change in GDP is

• A)1%.
• B)2%.
• C)3%.
• D)4%.
• E)-1%.

Prepare necessary journal entries for payroll adjustments.

Calculate and adjust for supplies and insurance expense adjustments.

Prepare and understand the adjusted trial balance.

Understand and apply methods for accounting for unearned and earned revenues.

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