When a Country Imports More Than It Exports, It Has

question 136

True/False

When a country imports more than it exports, it has a favourable balance of trade.

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Definitions:

General Journal Entries

The initial record where financial transactions are first entered into the accounting system, before summarizing or posting to ledgers.

Perpetual Inventory Method

An inventory system that updates inventory accounts after each purchase or sale on a continuous basis.

General Journal Entries

The recordation of financial transactions in the general journal in chronological order, which are then posted to individual accounts in the general ledger.

Accounts Payable

A financial record that reflects a firm's responsibility to clear a short-term obligation to its creditors or suppliers.