The First Wave of Globalization Was Brought to an End

question 51

Multiple Choice

The first wave of globalization was brought to an end by

• A) the Great Depression.
• B) the Second World War.
• C) the First World War.
• D) the Smoot-Hawley Act.

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Definitions:

Preparing Closing Entries

The procedure of transferring all income statement balances to permanent accounts at the end of an accounting period to prepare for the next period.

Fiscal Year

A one-year period that companies use for financial reporting and budgeting, which does not necessarily align with the calendar year.

Accounting Period

A specific period of time used by businesses to calculate their financial results and prepare financial statements, such as a month, quarter, or year.

Calendar Year

A period of one year that begins on January 1 and ends on December 31, used as an accounting period by many businesses.