Looking at the Average Tariff Rate in Australia Since 1930

question 73

Multiple Choice

Looking at the average tariff rate in Australia since 1930, we see that

• A) while we talk about free trade, tariff levels have risen over the last 30 years.
• B) at first tariffs declined, but have recently risen.
• C) tariff levels have remained high at over 50 per cent throughout the period.
• D) tariffs have trended downward since the early 1930s.
• E) tariffs have trended downwards since 1947.

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Definitions:

Adjusting Entry

A journal entry made in accounting records to update the balances of accounts at the end of an accounting period.

Accrued Salaries

Salaries that have been earned by employees but have not yet been paid by the employer.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made in the previous period.

Journal Entries

The record of financial transactions in the accounting books, capturing debits and credits for each transaction to maintain accurate financial statements.