Which of the following is a true statement concerning federal transfer payments?

A) Transfer payments ultimately must be repaid to the government by recipients.
B) Transfer payments are included in the imports category of GDP.
C) Transfer payments are included in the net exports category of GDP.
D) Transfer payments are payments made by the government for which no good or service is currently received in return.

Debits increase asset and expense accounts.

The manager of Quantitative International Fund uses EAFE as a benchmark. Last year's performance for the fund and the benchmark were as follows:

Calculate Quantitative's stock selection return contribution.

A) 1.0%
B) −1.0%
C) 3.0%
D) 0.25%

Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases.Prepare general journal entries to record the following transactions for Johnnycake: