Which of the Following Is Not Included in U

question 27

Multiple Choice

Which of the following is not included in U.S.GDP?

• A)The market value of an oil change that Ben performs on his own car.
• B)The market value of an oil change at Speedy Lube.
• C)The market value of oil purchased by Ben.
• D)Production of foreign citizens living in the United States that work in an oil packaging facility.

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Definitions:

Closing Process

The closing process involves finalizing accounts at the end of an accounting period, transferring net income and dividend information to retained earnings, and preparing the accounts for the next period.

Owner's Capital

The total value of assets contributed by the owner of a business plus the retained earnings.

Owner's Drawings

Withdrawals of a business's cash or other assets by the owner for personal use.

Expense Accounts

Accounts used to record business expenses, which reduce net income in the profit and loss statement.