Gross national income (GNI) is the
A. total market value of goods and services consumed in a year.
B. total market value of goods and services provided in an economy in a year by residents of that country.
C. manufacturers' selling price of goods (but not services) produced in a year.
D. total market value of goods (but not services) produced in an economy in a year.
E. None of these answers is correct.
Answer: B
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On January 1, Year 2 Boothe Company paid $12,000 cash to extend the useful life of a machine. Which of the following general journal entries would be required to recognize this expenditure?
A.
| Depreciation expense | 12,000 | |
| Cash | 12,000 |
B.
| Machine | 12,000 | |
| Cash | 12,000 |
C.
| Accumulated depreciation | 12,000 | |
| Cash | 12,000 |
D.
| Retained earnings | 12,000 | |
| Cash | 12,000 |
The need to file a lawsuit in each case and the complexity of the common law made nuisance a cumbersome way to control environmental pollution in an industrialized society
a. True b. False Indicate whether the statement is true or false
Motor vehicles producers spend a higher percentage of their sales on advertising than do perfumes and cosmetics producers.
Answer the following statement true (T) or false (F)
Sophie Corporation recently produced and sold 100,000 units. Fixed costs at this level of activity amounted to $50,000; variable costs were $100,000. How much cost would the company anticipate if during the next period it produced and sold 102,000 units?
A. $152,000. B. $151,000. C. $153,000. D. $150,000. E. None of the answers is correct.