Which Nation Accounts for the Largest Amount of OPEC's Oil

question 14

Multiple Choice

Which nation accounts for the largest amount of OPEC's oil reserves and production?

• A) Iran
• B) Libya
• C) Iraq
• D) Saudi Arabia

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Definitions:

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity, including the balance sheet, income statement, and cash flow statement.

Chart of Accounts

A systematic listing of all accounts used in the accounting system of a company, categorizing all financial transactions.

Net Income

Represents the total earnings of a company after all expenses and taxes have been deducted from revenue.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.