Suppose This Year Angola Borrows $100 Million from Foreign Countries

question 27

Multiple Choice

Suppose this year Angola borrows $100 million from foreign countries while it lends $15 million. Angola definitely is a

• A) creditor nation.
• B) net lender.
• C) debtor nation.
• D) net borrower.

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Definitions:

Physical Count

The process of manually counting all inventory items in a store or warehouse to verify quantities and condition.

Cost of Goods Sold

The costs directly resulting from the creation of products a company sells, including expenses related to materials and labor.

Gross Profit

The financial metric that represents the difference between sales revenue and the cost of goods sold.

LIFO Inventory Method

An accounting technique where the most recently acquired items of inventory are recorded as sold first, often used to calculate cost of goods sold and ending inventory.