Which of the Following Is NOT Counted in the GNP

question 115

Multiple Choice

Which of the following is NOT counted in the GNP of the United States?

• A)The wage of a U.S.citizen who works in a foreign country for a foreign firm.
• B)The interest earned by a U.S.bank on loans to a business firm located in Brazil.
• C)The profit earned by a restaurant located in the United States but owned by a Mexican company.
• D)The value of services that are produced by state and local governments in the United States.

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Definitions:

Bank Reconciliation

A process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.

Adjusting Journal Entries

Journal entries made at the end of an accounting period to account for incomes and expenses in the period they occur, ensuring that the financial statements are accurate.

Reconciliation Report

A document that compares two sets of records to ensure they are in agreement and accurate.

Bank Reconciliation

The process of comparing and adjusting a company's recorded balances to match the bank's figures, identifying any discrepancies.