The DR-CAFTA Includes a Wide Array of Tariff Reductions Aimed

question 57

True/False

The DR-CAFTA includes a wide array of tariff reductions aimed at increasing trade and employment.

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Definitions:

U.S. Accounting Standards

The accounting principles, standards, and procedures established by the U.S. Financial Accounting Standards Board (FASB) for domestic companies.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards for financial reporting.

IFRS

A collection of accounting standards crafted by the International Accounting Standards Board to be utilized worldwide, known as International Financial Reporting Standards.

Inventory Write-Downs

Reductions in the book value of inventory that occur when the market value drops below the cost recorded on the financial statements.