A Deficit in the U

question 121

Multiple Choice

A deficit in the U.S.current account is offset by a surplus

• A) in the U.S. trade account.
• B) in the U.S. balance-of-payments.
• C) in the U.S. capital and financial account.
• D) in the U.S. official reserve assets.

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Definitions:

IFRS Accounting Policies

The specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements under International Financial Reporting Standards.

Opening Balance Sheet

A financial statement that shows a company's assets, liabilities, and equity at the beginning of an accounting period.

Convergence Projects

Initiatives aimed at harmonizing different sets of accounting standards and practices across various jurisdictions.

Revenue Recognition

The accounting principle that dictates the specific conditions under which revenue is recognized or accounted for.