Which of the Following Is Not a Part of U

question 75

Multiple Choice

Which of the following is not a part of U.S. GDP?

• A)The expenditure on U.S. defense equipment
• B)The value of a Ford Mustang produced in the United States and sold in Canada
• C)The salary of the governor of Minnesota
• D)The value of a Rhode Island attorney's services
• E)The purchase of a used Ford by a U.S. citizen

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Definitions:

Expense Account

An account specifically used to track expenditures related to specific activities, projects, or operations.

Credit

An arrangement where goods, services, or money is received in exchange for a promise to pay back a specific amount in the future.

Post Reference Notation

An alphanumeric or numeric code used in accounting to indicate a journal entry has been posted to a particular ledger account.

Journal

A chronological record of all financial transactions, used to transfer information to the general ledger in the accounting process.