Refer to the Information Provided in Table 8

question 352

Multiple Choice

Refer to the information provided in Table 8.7 below to answer the questions that follow.
Table 8.7
-Refer to Table 8.7. At an aggregate output level of $600 billion, the unplanned inventory change is

• A) -$100 billion.
• B) -$50 billion.
• C) $0.
• D) $50 billion.

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Definitions:

General Ledger Control Accounts

Accounts used to summarize the total balances of several subsidiary accounts, facilitating the reconciliation and reporting process.

Subsidiary Ledgers

Detailed ledgers that contain information supporting accounts listed in the general ledger, such as details on accounts receivable, accounts payable, etc.

Subsidiary Ledgers

Detailed records that contain information about specific accounts, which together support and reconcile with summary amounts in the general ledger.

Daily Postings

The routine process of recording transactions in the books of accounts or ledgers on a daily basis to ensure financial records are up-to-date.