If the Price Index Last Year Was 100 and Today

question 112

Multiple Choice

If the price index last year was 100 and today it is 167,what is the inflation rate over this period?

• A)-67 percent
• B)-6.7 percent
• C)33 percent
• D)67 percent
• E)167 percent

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Definitions:

Accrued Fees Earned

Revenues that have been earned by providing a service or product, but have not yet been received or invoiced to the client.

Reversing Entry

An accounting entry that is made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous accounting period.

Notes Receivable

Written promises for amounts to be received, typically including interest, recorded by the recipient.

Noncurrent Assets

Assets expected to provide economic benefits beyond the next year or operating cycle, excluding items for resale.