Which of the Following Statements Is Correct

question 2

Multiple Choice

Which of the following statements is correct?

• A)In 1870,real income per person was higher in the United States than in any other country at that time.
• B)Over about the last 100 years India experienced significantly higher growth of real income per person than did the United States.
• C)Over about the last 100 years the United States experienced significantly higher growth of real income per person than did Japan.
• D)None of the above are correct.

---

Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials, labor, and manufacturing overhead.

Loss on Disposal

The financial loss incurred when an asset is sold, discarded, or disposed of for less than its carrying value on the books.

Prior Period Adjustment

Adjustments made to a company's financial statements to correct previously made errors in those statements from earlier periods.

Cumulative Preferred

Refers to preferred stock where dividends accumulate if not paid out, with these unpaid dividends required to be paid out before any dividends can be issued on common stock.