Question

What does double counting mean

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Answer 1

Answer:

Hey Buddy here's ur answer

Double counting in accounting is an error whereby a transaction is counted more than once. In this way certain items are counted more than once resulting in over-estimation of national product to the extent of the value of intermediate goods included.

For example, the costs of intermediate goods used by a business to produce a finished good are included in the computation of a nation's gross domestic product.

Answer 2

Answer:

Double counting refer to the faulty practice of counting the value of a nation's goods more than once. Since goods are produced in stages, through specialized channels of production, many intermediate goods are used to produce a final goods.