Lumberne Is a Continent Comprising 18 Countries

question 21

Multiple Choice

Lumberne is a continent comprising 18 countries.Currently,Lumberne is a free trade area and an economic union including all 18 countries as members of free trade.Although each country is politically independent,governments of at least 12 countries are negotiating to form a common government.If Lumberne comes to be led by a single government,it would be a _____.

• A) monetary union
• B) political union
• C) customs union
• D) trade union

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Definitions:

Revenues

The income generated from normal business operations and other activities.

Business Documents

Written records that provide evidence of business transactions, agreements, and other business activities.

Ledger Accounts

Records within a ledger that show all the financial transactions of a specific account, summarized.

Book of Original Entry

It is the initial record where financial transactions are documented in the accounting system.