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Explain what double counting is and discuss why GDP is not equal to total sales?
no
What is an example of double counting in National Income?
cotton output and cloth output.
Who introduces double entry accounting?
Double Entry Accounting is introduced by Lucas Paciolli
What machine inspired the double entry accounting method?
There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.
What is double counting?
d2
What are the disadvantages in using national income?
One disadvantage of using national income is that it is often difficult to tell between final goods and intermediate goods. Another disadvantage is problems with double counting.
Distinguish between an adjusting entry and a reversing entry?
Adjusting entries are made at the end of the accounting period before the financial statements to make sure the accounting records and financial statements are up-to-date. Reversing entries are made on the first day of an accounting period to remove any adjusting entries necessary to avoid the double counting of revenues or expenses.
Should double entry accounting entries be equal?
In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.
What are the Problems encountered in the calculation of national income accounts?
inadequate data availability double counting unstable market price valuation of agricultural goods non-market goods
Should Double-entry accounting transactions be equal or unequal?
In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.
What is accounting system and what their types?
An accounting system is a program or a system that is used in management and processing of accounts. Some of the types of accounting systems include management accounting, cost accounting, manual systems, double entry and so many others.
What do debits and credits look like at the end of a period in double-entry accounting?
At the end of the period, double-entry accounting requires that debits and credits recorded in the general ledger be equal.
