Use the Following to Answer Questions

question 191

Multiple Choice

Use the following to answer questions :
-(Table: Peanut Butter and Jelly Economy) Look at the table Peanut Butter and Jelly Economy. In 2011, nominal GDP was ____ and real GDP was _____.

• A)$450; $400
• B)$525; $450
• C)$525; $400
• D)$450; $575

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Definitions:

Credit Entries

Accounting entries that increase liabilities, equity, and income accounts, or decrease asset and expense accounts.

Special Journal

A financial journal designed for recording a specific type of transaction in a more efficient manner, such as sales or purchases.

Subsidiary Ledger

An elaborate record book holding specific subsidiary accounts linked to a principal account, including accounts receivable and accounts payable.

General Ledger

The main accounting record of a company or organization, containing all the financial accounts and transactions.