-The Above Figure Shows the Australian Market for Replacement Mobile

question 34

Multiple Choice

-The above figure shows the Australian market for replacement mobile phone batteries. With free international trade, Australia

• A) imports 400,000 batteries.
• B) imports 500,000 batteries.
• C) imports 800,000 batteries.
• D) exports 700,000 batteries.
• E) exports 300,000 batteries.

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Definitions:

Purchase Supplies

The act of acquiring goods or materials used in the production process or in the day-to-day operations of a company.

Cash Recorded

The accounting entry that reflects the actual amount of cash received and recorded by a business during a specific period.

Revenue Journal

A revenue journal is a record used in accounting to keep track of the sales of goods and services that generate revenue for an entity.

Accounts Receivable

Funds that are due to a company from clients for products or services provided on credit.