Multiple Choice Questions On National Income Accounting


India has- Related posts: 15 Multiple Choice Questions (MCQ) on Indian Population Some important Multiple Choice Question of Vardhana Dynasty Some important Multiple Choice Question on the Mughal Empire Multiple Choice Questions and Answers on Globalisation and the Indian Economy. Section A: 20 multiple choice questions worth 20 marks Section B: data response questions requiring written answers, choice of one from two contexts worth 50 marks Paper 2: The national economy in a global context. MULTIPLE CHOICE QUESTIONS (50%) All answers must be written on the answer sheet; write answers to five questions in each row, for example: 1. only counting final goods. External auditors perform audits on the financial statements of corporations, nonprofits and government agencies. The most common measure of the aggregate production in an economy is Gross Domestic Product (GDP). FPSC Senior Auditor Pakistan Military Accounts Jobs MCQS Test Syllabus Papers. Ledger Accounts. biz/ed Economics Question Bank. Multiple Choice (2. Uses and Limitations of National Income Accounting. From 1991 to 1998, Canada's GNP grew in which annual percentages: a Canadian's income had to rise by 84% to keep up with the rise in. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Nigeria Accounting. Quickly memorize the terms, phrases and much more. Kennelley and T. For fill-in-the-blank questions press or click on the blank space provided. On a statement of cash flows, additional cash invested by a sole proprietor would be disclosed in: a. Fund Accounting Most distinctive feature of governmental accounting Use of fund accounting allows for Proper accounting controls Demonstrating compliance Must understand fund structure, fund model, and interrelationships between funds. Recent questions and answers in Class XI 1 answer what is accounting equation of prepaid insurance. 111 Marginal Cost, Average Variable Cost. Additionally, you will be provided with insight on how to use an accounting worksheet to organize your work, prepare adjusting entries, and complete a post. The University of Namibia’s Department of Accounting, Auditing and Income Tax (DAAIT) is proud to announce the 6th National Accounting Talent Search (NATS 2016) Examination to be held across the country during July 2016. Sample AP Exam Multiple Choice Questions. National Income is the monetary value of all final goods and services that are produced by the residents of the country. C) only counting final goods. GK multiple choice questions answers on capital market are based on banker's bank, largest public sector bank sbi, Bull market and Bear market of share market etc. Orenda Center Santa Rosa Orenda Center Santa Rosa. S = (Y + NFP – T + TR + INT) – C. GDP concept 1-15 2. Economics, Accounting, Financial Analysis. India has- Related posts: 15 Multiple Choice Questions (MCQ) on Indian Population Some important Multiple Choice Question of Vardhana Dynasty Some important Multiple Choice Question on the Mughal Empire Multiple Choice Questions and Answers on Globalisation and the Indian Economy. LexisNexis Short Notes and Multiple Choice Questions : THE INDIAN EVIDENCE ACT (Act 1 of 1872). For every wrong answer one-third of the marks prescribed for that particular question shall be deducted. Study Questions (with Answers) Page 1 of 5 Study Questions (with Answers) Lecture 15 International Macroeconomics Part 1: Multiple Choice Select the best answer of those given. He has supplied the following information: 1. The following Clear Answers button is provided in its place and will clear your answers: Some questions in this exercise may have more than one correct answer. Multiple Choice Questions 1. Income in America is taxed by the federal government, most state governments and many local governments. 7,50,000 b) Rs. Balance Sheet and Income Statement – Solved Examples Example 1: Preparation of Balance Sheet – Horizontal and Vertical Style: The following trial balance is prepared after preparation of income statement for F. It involves an intense study of production, distribution, and consumption of goods and services. Give an example for each. It is also useful in that it transfers all of the money in revenue and expense accounts into the retained earnings account. Accounting course described key concepts and principles for Accounting and provided an overview on the different types of financial statements available. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant. Accounting Principle is general law or rule followed in the preparation of financial statements 2. Chapter 2 Financial Management Environment Multiple Choice Questions. (Multiple choice questions with four alternatives on Reading Comprehension covering at least 4 units prescribed) 4 Marks. If the working amount is shown as a final answer, award the. 1 Basic Macroeconomics concepts 1. Intermediate Accounting multiple choice question? 1. National income accounting deals with the aggregate measure of the outcome of economic activities. Scoring guidelines for each of the sample free-response questions in the CED are also available. The Exam consists of 50 multiple choice questions and simulations. Just as an increase in investment causes a multiple expansion in national income, a decrease in investment will cause a multiple decrease in national income. Well let us understand the difference between Income and Wealth from Financial Planner’s perspective. 9% payroll tax on all workers’ wages and another 0. Multiple Choice Questions wstimating national income even after it being. View Notes - Chapter 7 Multiple Choice Questions - KEY from ECON 2291 at Baldwin Wallace University. International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements. D) during a period of extended inflation. In stagflation (a) potential output of the economy declines. How to solve General Knowledge Indian Economy problems? You can easily solve all kind of General Knowledge questions based on Indian Economy by practicing the objective type exercises given below, also get shortcut methods to solve General Knowledge Indian Economy problems. The estimated benefits from a project are expressed as cash flows instead of income flows because: it is simpler to calculate cash flows than income flows. Cambridge IGCSE and O Level Economics covers both the Cambridge Multiple-choice questions and answers at the end of each unit. For example, if the car in question is sold in two year's time for £15,000 it would provide the owner with money, but the sale will not add to national income. SiteOne Landscape Supply, Inc. Multiple Choice cost of production contribution to corporate profits utility to consumers market price "Net foreign factor income" in the national income accounts refers to the difference between the _____. Nominal national income adjusted for population change b) Nominal national income adjusted for unemployment c). Chapter 19. 9% payroll tax on wages above $200,000 for singles and $250,000 for couples. Financial. Approximately 164,000 jobs were created in July 2019, and the national unemployment rate remained at 3. Once you have completed the test, click on 'Submit Answers for Grading' to get your results. Government expenditures. Encourage your students to visit the AP Macroeconomics student page for exam information and exam practice. 1 Aggregate demand (AD) and aggregate supply (AS) 2. Scoring guidelines for each of the sample free-response questions in the CED are also available. Official page for Accounting II Competitive Event. operating activities b. Problem 2-1 Newton Inc. An income summary account is a temporary accounting document used specifically at the end of an accounting period to balance all accounts. Matata has approached you with a view to obtaining help in determining his taxable income for 2005. College Managerial Accounting Multiple Choice - Answered by a verified Business Tutor We use cookies to give you the best possible experience on our website. 2nd Group is Accounting Which cover Financial Accounting, Corporate Accounting, Cost Accounting and Management Accounting 3rd Group is for Business Statistics and Mathematics 4th Group is for Business Organization, Management, Business Law, Company Law and Income Tax Law. Multiple choice - - - To avoid multiple. 1 Compulsory which carries 10 marks. This study guide contains over two hundred multiple-choice and short-answer questions which progress through topics similar in sequence and manner to many federal income tax courses taught at. You'll answer 90 multiple-choice questions and 7 task-based simulations. 1 Aggregate demand (AD) and aggregate supply (AS) 2. to enroll in courses, follow best educators, interact with the community and track your progress. The Pearson LCCI Level 2 Certificate in Bookkeeping and Accounting (VRQ) will allow progression to other LCCI Level 3 Accounting qualifications and professional body qualifications, as well as supporting progression to the job market, for example to a bookkeeping and accounting role within a large company’s finance department. The three approaches to measuring economic activity are the (a) cost, income, and expenditure approaches. investment in human capital. These weights will change on the next version of the exam, with each type of question counting for 50% of the total score on these three sections. Question Papers - Here you can post and request sample papers or previous year questions papers of any exam. o Unit Tests follow the end of a unit and will be composed of multiple choice questions, one long FRQ and one short FRQ. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. The federal income tax system is progressive, so the rate of taxation increases as income increases. You must mark all your answers in pen only and no scratch outs are allowed. Economic Analysis for Business Decisions Multiple Choice Questions Unit-1: Basic Concepts of Economics 1. However, to the nursing students who will take the final exam, coverage will also start from production but need not to study National Income Accounting since I did not discuss that topic to my Health Econ. Answers for Practice Questions: National Income Accounting. SSC Principles of Accounting Syllabus 2013 Page 8 National Curriculum should be met in full. Our online macroeconomics trivia quizzes can be adapted to suit your requirements for taking some of the top macroeconomics quizzes. I trust your study of financial accounting in this online format will be a fulfilling and rewarding experience. Intermediate Accounting, 17th Edition By Donald E. 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The Exam tests the following: Accounting: Information for Decision Making, Basic Financial Statements, The Accounting Cycle: Capturing Economic Events, The Accounting Cycle: Accruals and Deferrals,. D) only counting intermediate goods. economics questions and answers multiple choice on topic of national income for interview, entry test and competitive examination freely available to download for pdf export. The computation and estimations involved in valuing notes receivable at cash realizable value, and in recording the proper amount of bad debts expense and related allowance are similar to those for accounts receivable. The Test comprises of multiple choice questions (MCQ) with one or more correct answers. The exam consists of 70 multiple choice questions (Theory and problem) PARTNERSHIP ACCOUNTING (14. General knowledge Multiple Choice Questions ( MCQS) Page-1. PRACTICE QUESTIONS ON CH. B) in percentage terms. National Income and Price Determination Module 16. Chapter 02 Introduction to Macroeconomics. On a statement of cash flows, additional cash invested by a sole proprietor would be disclosed in: a. To measure changes in the value of goods and services produced in the economy. Assignment 1: Business Financial Metrics Due Week 8 and worth 200 points Events in the world of corporate finance during the past three (3) years have shown the importance of transparent and accurate financial reporting by businesses. Recent questions and answers in Class XI 1 answer what is accounting equation of prepaid insurance. posted May 27 by Deepika Sonkar. The multiple choice exam was not difficult, but if you have never taken an accounting course or much of finance (like me), you will definitely need to study the concepts that they give you in the topic list. During the spring 2016 semester, Professor Malandra prepared 20 online exams with 1,000 multiple choice questions based on prior CPA Exam – Financial Accounting & Reporting Section questions, which now serve as homework assignments for the Intermediate Accounting courses and his MAcc course, Advanced Studies in Financial Reporting. Personal income refers to the income of individuals of a country. The order of questions, and items within a question, is randomised each time you take a quiz. Financial Accounting 6th Edition By Libby – Test Bank. Expenditure method By-Shikhar mishra. Schaefer) at the 69th Annual Meeting of the American Accounting Association, August 16, 1984, Toronto, Ontario "Using Complex Sequential Multiple Choice Questions in Accounting Education,". Wife’s Income. Financial Accounting: These multiple choice questions are intended to provide MBA students with an overview of the theories, concepts, numerical problems and principles of Financial Accounting. For every wrong answer one-third of the marks prescribed for that particular question shall be deducted. Accounting course described key concepts and principles for Accounting and provided an overview on the different types of financial statements available. IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. B)could be a reward but could not be a penalty. Other social accounts 86-100 7. d Sociologists consider occupation, income, education, gender, age, and race as dimensions of social location. Definition of Budget 2. 77 (Key Question) The following is a list of domestic output and national income figures for a given year. A comprehensive database of more than 262 accounting quizzes online, test your knowledge with accounting quiz questions. inflation rates. They can be done anywhere with Internet connexion. The IASB is an independent accounting standards body, based in London, that is unaffiliated with. Also, the seventh Company Law Directive in 1983 combines National laws on consolidation accounting and the fourth directive together, and sets out the methods of preparing consolidated accounts. 5 trillion, with about 63. The following Clear Answers button is provided in its place and will clear your answers: Some questions in this exercise may have more than one correct answer. As well as, students also make money by uploading their study material with question. This list includes the most common interview questions used to hire for accounting jobs. pdf Free Download Here in conjunction with the National Board of Medical Exam consists of 60 multiple-choice questions. This text introduces students to the expanding field of ecological economics. 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If you are absent (excused) on a scheduled Unit Test day you will be expected to make up that test BEFORE the next Unit Test is given. Section A : Fundamentals of Economics 50%. C) population. The Nature of Economics. The IRS Special Enrollment Examination (SEE) consists of multiple-choice questions that test the knowledge and skills required for an Enrolled Agent. If you need assistance with your economics homework problems or need answers to economics worksheet, test or quiz questions, be it multiple choice or free answer questions, Assignment Expert will be glad to provide it. At the end of the accounting period, the business had $450 of office supplies on hand, which was a 50% increase over the beginning balance. Total factor income = employee compensation + corporate profits + proprietor's income + rental income + net interest Expenditure approach. click for all the questions in this category. Well my question is not in accounting terms but in Financial Planning terms. Which of the following is not current. S = (Y + NFP – T + TR + INT) – C. m Includes a CD-ROM with interactive graphs, self-test multiple choice questions and interactive lessons/tutorials. However, to the nursing students who will take the final exam, coverage will also start from production but need not to study National Income Accounting since I did not discuss that topic to my Health Econ. The Test comprises of multiple choice questions (MCQ) with one or more correct answers. Economics Questions and Answers. Once candidates have submitted their school transcripts and application form, they are able to schedule a time to take the CGFM examinations, a series of three multiple-choice exams that test their comprehension of government institutions, governmental accounting, and financial management. In this article we will discuss about Budget:- 1. Objective Questions in Income Tax MULTIPLE CHOICE QUESTIONS (Finance Act 2008) 1. 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A recent report by the American Council of Trustees and Alumni, a group that supports liberal arts education, recently asked a series of high-school level multiple-choice questions to a randomly selected group of graduating seniors at the nation's most elite colleges, including Harvard, Princeton, and Brown. MCQs of Education – The Philosophy of Education MCQs of Economics – World Economy (Miscellaneous) MCQs of Economics – Trade Regulations And Industrial Policies MCQs of Economics – Trade Policies For the Developing Nations MCQs of Economics – Theories of Economic Development MCQs of Economics – The Phillips Curve MCQs of Economics – The National […]. The AP Macroeconomics exam consists of two sections: a multiple-choice section and a free response section. Chapter 1 What is Economics? Test bank MULTIPLE CHOICE. Answer each question by clicking the appropriate button. Calicut University Distance Education OMR Model Question Papers. Part 1: Financial Planning, Performance and Control. The level of profits of firms 2. As the only comprehensive national assessment for program evaluation of its kind, the ETS® Major Field Test for the MBA consists of 124 multiple-choice questions, half of which are based on short case-study scenarios. Question: What Do Government Purchases Include In National Income Accounting? Multiple Choice Purchases By Federal, State, And Local Governments Purchases By The Federal Government Only Government Transfer Payments Purchases Of Goods For Consumption But Not Public Capital Goods. Use this worksheet to document your questions, thoughts, ideas, and action items as they relate to accounting. The Nature of Economics. I have 100 multiple choice questions for managerial economics that I am in need of assistance with. The Certificate in International Financial Reporting Standards (CertIFR) is a certification provided by the Association of Certified Chartered Accountants (ACCA) in the UK. Income and Expenditures Module 17. National Income and Price Determination Module 16. You will have 3 hours for this portion, with 72 multiple choice questions and 3 short essays. Financial Accounting Multiple Choice Questions and Answers Get Best Financial Accounting Multiple Choice Questions and Answers Online What makes accountancy tough is that it has numerous subtopics in which can be equally challenging, especially to those with limited knowledge on basic accountancy. This entry violates the economic entity assumption. including transfers in their calculations. Income minus expenses B. To analyze the environmental cost of economic growth. Correct Answer True Your Answer True. In National Income Accounting, The Consumption Category Of Expenditures Includes Purchases Of: Some questions will include multiple choice options to show you the. Whether you're a tax whiz or you farm your return out to the professionals, it's good to know a bit about how to file your taxes. 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(A) Financial (B) Audit (C) Management (D) Budget Analysis 2. Provide an appropriate response. Which of the following is the basic calculation used to analyze an income statement: A. Updated edition of this successful textbook, which introduces the theory andpractice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. Economics Questions and Answers. AP Economics Hall of Fame. Togged up in NATIONAL FOOTBALL LEAGUE jerseys is a fantastically remarkable method to using the aim of you happen to be supporting your functioning party despite the consequences they loose-fitting in person or two sports competition or Get Loans Up To Us Dollar 900 Bad Credit Ok possess clinched title. The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Financial Accounting Multiple Choice Questions (MCQS) Page 1. For the Macroeconomics aficionado. National income. You will have 3 hours for this portion, with 72 multiple choice questions and 3 short essays. 3) Draw Suitable diagram whenever necessary. Columbus, North Tyneside, Isle of Wight. Accounting Standards: An Overview Shyam Sunder Yale School of Management Director Education Program July 19, 2002. Learn vocabulary, terms, and more with flashcards, games, and other study tools. B) marginal cost and marginal benefit and choose that quantity of an activity where the marginal benefit exceeds the marginal cost by the greatest amount. If anyone can help me please let me know. National income accountants can avoid multiple accounting by: A. IAS 2 Inventories. TBS will make up 40 percent of your score. National Income Accounting y A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region. Hence some links below are broken. If you're a visitor to Kiplinger. Tourism is usually the largest employer in many community It measures the "fresh" or new dollars that enter a local economy These are the three levels of income generated by tourism. Multiple Choice Questions. A rational person does not act unless: a. Investment and the capital stock 44-57 4. the future b. (b) product, income, and expenditure approaches. Learn faster with spaced repetition. Answer each question by clicking the appropriate button. This book is licensed under a Creative Commons by-nc-sa 3. Marks will not be deducted for incorrect answers. only counting final goods. Revenue plus sales D. Balance of Emphasis. Income Tax Rectification D. Questions will be of Objective Multiple Type Choice. The IFRS for SMEs Update is a quarterly staff summary of news, events and other information about the IFRS for SMEs Standard and related SME activities. Answer: B Level of difficulty: 1. 9% payroll tax on wages above $200,000 for singles and $250,000 for couples. Good measure of market activities at market prices. The concept of "net domestic investment" refers to:. NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2012 ACCOUNTING MARKING GUIDELINE (MEMORANDUM) MARKS: 300 GENERAL PRINCIPLES: 1 Where calculations are required, award full marks for the final correct answer. 1 Compulsory which carries 10 marks. National Income Accounting y A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region. The clock in the top right. only counting final goods. The Test comprises of multiple choice questions (MCQ) with one or more correct answers. National Income and Price Determination Module 16. exactly equal to the value of GDP. Learn about their shapes and what can cause them to shift, as well as how changes in either curve can affect national income and price levels. Basic Economic Concepts. For more information on exam weighting, refer to the Exam Overview section in the AP Macroeconomics Course and Exam Description (CED). For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. This book is licensed under a Creative Commons by-nc-sa 3. The Pearson LCCI Level 2 Certificate in Bookkeeping and Accounting (VRQ) will allow progression to other LCCI Level 3 Accounting qualifications and professional body qualifications, as well as supporting progression to the job market, for example to a bookkeeping and accounting role within a large company’s finance department. LexisNexis Short Notes and Multiple Choice Questions : THE INDIAN EVIDENCE ACT (Act 1 of 1872). Indian Economy - National Income - MCQs with answers - Part 2 1. com's 300-question Bookkeeping Exam. Macroeconomic targets and government policies. (d) private, public, and international approaches. B) We can say with certainty that the GDP has increased, but we cannot determine the amount. National Income Accounting is a branch of macroeconomics that captures the total flows of income as well as of goods and services within a certain period. The National Bookkeeper Association's (NBA) Uniform QuickBooks Certification Examination (Exam) is the exam administered to candidates who want to obtain QuickBooks Certification. Expenditure method According to this method national income is measured in terms of expenditure on the purchase of final goods and services produced in economy during an accounting year. Relationships between balance sheet and income statement items. d) Innovation theory of profit. Choose the response that is correct or that best answers the question. Total factor income = employee compensation + corporate profits + proprietor's income + rental income + net interest Expenditure approach. The following statements have been made about inflation: Statement 1: Inflation leads to a distribution of income and wealth. How many questions are asked in NET Commerce exam? Total 150 Multiple Choice Questions. If real income rises from $5 trillion to $5. Labor and wages. C, I, G, and X n components 16-43 3. It consists of 70 multiple choice questions (Theory and problems) DEVELOPMENT OF FINANCIAL REPORTING FRAMEWORK, STANDARD-SETTING BODIES, REGULATION OF THE ACCOUNTANCY PROFESSION, CONCEPTUAL FRAMEWORK OF FINANCIAL STATEMENTS AND ACCOUNTING PROCESS (5. Which of the following is not current. Balance Sheet and Income Statement – Solved Examples Example 1: Preparation of Balance Sheet – Horizontal and Vertical Style: The following trial balance is prepared after preparation of income statement for F. Which of the following is not true about the theory of comparative advantage? A. GDP accounting: value added; income approach 76-85 6. 5 trillion, with about 63. ACC 557 Week 3 Quiz Chapter 2 and 3 Perfect Score. I have 100 multiple choice questions for managerial economics that I am in need of assistance with. It is the same concept of accounting, where every debit account should be matched with a credit account. Income Tax Rules B. Economics, Accounting, Financial Analysis. 1 By which date should form P35 be submitted to HM Revenue and Customs (HMRC)? A 19 May following the relevant tax year. Multiple Choice Questions wstimating national income even after it being. Section I: Multiple Choice / 60 Questions / 70 Minutes / 66% of Exam Score of economic performance, national income and price determination, financial sector, as part of the questions or to draw their own graphs as part of their answers. • The 55-minute multiple-choice Section I contains 80 questions and accounts for 50 percent of the final grade. 5) Gross private domestic investment can be divided into replacement investment and net investment. Professor Easton’s expertise is widely recognized by the academic research community and by the legal community. com and get 20% discount. involves multiple counting. Intermediate Accounting, 17th Edition By Donald E. Chapter 001: Financial Statements and Bus. Once you have answered the questions, click on 'Submit Answers for Grading' to get your results. If you need assistance with your economics homework problems or need answers to economics worksheet, test or quiz questions, be it multiple choice or free answer questions, Assignment Expert will be glad to provide it. This text introduces students to the expanding field of ecological economics. 1 Aggregate demand (AD) and aggregate supply (AS) 2. 2019-20 Board of Directors. Questions employ materials such as diagrams, graphs and statistical data. Conceptual definitions of key financial statement ratios. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. As well as, students also make money by uploading their study material with question. But the r-values for the same test for blacks were even smaller:. There are 120 marks for this paper. In a free-market economy the allocation of resources is determined by: a. Decrease in economic activities , The growth rate becomes negative , The level of national income declines rapidly Multiple Choice Multiple Answer Question Recession includes Correct Answer The demand is halted , Increase in production of goods , Inventories piling up in stocks Your Answer. Each and every morning as the more experienced accountant begins the day, he opens his desk drawer, takes out a worn envelope, removes a yellowing sheet of paper, reads it, nods his head, looks around the room with renewed vigor, returns the envelope to the drawer, and then begins his day's work. Sample Test for Management Accounting Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. Test your income tax know-how in this quiz. The Accounting Cycle. 3 Injection and withdrawal/leakages 1. Answer to Please Answer Multiple Choice Questions from 'Cost & Management Accounting by Be involved in the yearly reporting of financial. Accounting profit is the profit after costs and expenses are subtracted from total revenue while economic profit factors in the opportunity costs of choosing one action over another. A: Multiple-choice questions currently count for 60% of the total score on the AUD, FAR, and REG sections, with task-based simulations counting for the remaining 40%. Answer: B Level of difficulty: 1. narrow or remove national accounting differences move non-US accounting standards towards US Generally Accepted Accounting Principles (US GAAP) create one set of rules-based accounting standards for all countries. Identify which level measurement technology will not maintain accurate measurement of liquid height in the vessel as the liquid density changes:. in Economics & Government from Claremont McKenna College. If you have difficulty answering the following questions, learn more about this topic by reading our Income Statement (Explanation). Definition of Budget 2. Start studying Chapter 6 multiple choice. The multiple choice exam was not difficult, but if you have never taken an accounting course or much of finance (like me), you will definitely need to study the concepts that they give you in the topic list. Try out this 7-minute short Multiple Choice questions test on the Concepts relating to National Income, its related Concepts and its computation. Answer: C 7. Write the word or phrase that best completes each statement or answers the question. Income minus expenses B.