How Is Net National Product (NNP)calculated

question 29

Multiple Choice

How is net national product (NNP) calculated?

• A)Saving is subtracted from the total income of a nation's citizens.
• B)Saving is added to the total income of a nation's citizens
• C)Depreciation losses are subtracted from the total income of a nation's citizens.
• D)Depreciation losses are added to the total income of a nation's citizens.

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Definitions:

Job Cost Sheets

Detailed records that document the costs associated with a specific job or project.

Overapplied Overhead

A credit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process exceeds the amount of overhead cost actually incurred during a period.

Underapplied Overhead

A debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost actually incurred exceeds the amount of overhead cost applied to Work in Process during a period.

Adjusted Cost

The net cost of an asset after adjusting for changes such as improvements or depreciation.