Match the Terms with the Definitions

question 68

Multiple Choice

Match the terms with the definitions.
-Accounts that are deducted from Sales on the income statement (i.e., Sales Returns and Allowances, Sales Discounts) .

• A)contra-cost accounts
• B)contra-revenue accounts
• C)physical inventory
• D)unearned revenue

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Definitions:

Imports

Goods or services brought into one country from another for the purpose of being sold or used, contributing to the domestic supply of products.

Trade Deficit

Occurs when a country's imports of goods and services exceed its exports, leading to a negative balance of trade.

Net Capital Outflow

Disparity in investment activities, with locals buying assets internationally, in contrast to foreigners buying domestically.

Net Exports

The net amount obtained by subtracting a nation's total imports from its total exports.