Unlike the GDP, the GNI

question 75

Multiple Choice

Unlike the GDP, the GNI

• A) includes foreign income.
• B) is the total market value of all goods and services provided in a country's economy in a year by nonresidents.
• C) includes the income earned by residents who do not own resources in that nation.
• D) does not include income earned by foreigners who own resources in that nation.
• E) is a measure of regional income.

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Definitions:

Income from Operations

The profit realized from a business's ongoing operations, calculating the difference between revenues from operations and operational expenses.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to update the balances of accounts.

Closing Entries

These are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Inventory

The complete quantity of products and materials a company possesses for the purposes of sale or utilization in manufacturing processes.