Ch2 Flashcards

(4 cards)

1
Q

GDP

A

Total value of goods produced / total population

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2
Q

Cash transaction

A

Payment made immediately at the point of transaction

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3
Q

Cash vs credit

A

Cash made immediately
Credit is payment postponed

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4
Q

Importance of Source documents

A

Provides evidence that a transaction has occurred in line with objectivity theory

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