What Was the Approximate Canadian GDP in 2014

question 79

Multiple Choice

What was the approximate Canadian GDP in 2014?

• A) $1400 billion
• B) $1600 billion
• C) $1800 billion
• D) $2000 billion

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Definitions:

Permanent Accounts

Balance sheet accounts that carry their ending balances into the next accounting period, including assets, liabilities, and equity accounts.

Closing Entry Process

The procedure at the end of an accounting period to prepare the accounts for the next period by clearing out revenues and expenses into the Retained Earnings account.

Temporary Accounts

Accounts used to collect information during a single accounting period, which are then transferred to permanent accounts at the end of the period.