Answer:
2. Only counting final goods
Explanation:
When defining national income accounting and terminolgies, emphasis is always laid on "...total value of FINAL goods...". This is as a result of avoiding double counting. If intermediate goods were counted alongside final goods, it would be double counting because intermediate goods are used in producing those final goods. Final goods are good meant for final consumption. The other method used in avoiding double counting ( counting of the value of the same product more than once) apart from counting final gooda is Value added approach.
The united states and kenya are exploring the possibility of a trade deal. <u>Free Trade </u>refers to a situation in which a government does not attempt to restrict what its citizens can buy from or sell to another country.
<h3>What is Free Trade?</h3>
A free trade policy is one in which imports and exports are not restricted. It is also known as the free market concept applied to international trade. Most countries now participate in multilateral trade agreements negotiated by the World Trade Organization. Goods and services can be purchased and sold across international borders with little or no government taxes, quotas, subsidies, or bans impeding their interchange under a free trade policy. Trade protectionism and economic isolationism are the polar opposites of free trade.
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If an accrual is for an expense, the adjusting entry debits and asset expense account and credit a liabilty.
<h3> What is an accrued expense?</h3>
Accrued expenses are expenses that are recorded as account payable under the current liabilities section and it is recorded as an expense in the income statement of a company or individual balance sheet.
Example of accrual accounts is accounts payable and receivable, and future interest expense.
Therefore, If an accrual is for an expense, the adjusting entry debits and asset expense account and credit a liabilty.
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Answer:
C) Vertical analysis.
Explanation:
Under the vertical analysis of financial statement, there is no a comparison with any past year performance as that is done in horizontal analysis.
Basically the first item that is sales revenue is marked as an 100% item, in this analysis, and all other cost items are shown as a percentage of this sales total value.
Everything shows the relation of sales value and that particular item. This helps in assessing which part of cost consumes the maximum revenue.
