Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Given the following U.S. economic data for 2018:- Consumption: \$13 trillion- Investment: \$3 trillion- Government Spending: \$4 trillion- Net Exports: -\$0.5 trillionWhat was the total spending (Gross Domestic Product, GDP) for 2018?

$17.5$ trillion

$20.5$ trillion

$21.0$ trillion

$19.5$ trillion

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Verified step by step guidance

Step 1: Understand the formula for calculating GDP using the expenditure approach. The formula is: GDP = Consumption + Investment + Government Spending + Net Exports.

Step 2: Identify the values provided in the problem: Consumption = $13 trillion, Investment = $3 trillion, Government Spending = $4 trillion, and Net Exports = -$0.5 trillion.

Step 3: Substitute the given values into the GDP formula. This will look like: GDP = 13 + 3 + 4 + (-0.5).

Step 4: Perform the addition and subtraction operations step by step. First, add Consumption, Investment, and Government Spending, then subtract the Net Exports value.

Step 5: Compare the calculated GDP value to the provided answer choices to determine which one matches the result.