One of the Key Financial Statements Prepared in the Fifth

question 341

Multiple Choice

One of the key financial statements prepared in the fifth step of the accounting cycle is:

• A)general journal.
• B) statement of cash flows.
• C) asset summary.
• D) social audit.

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Definitions:

WTO

The World Trade Organization, an international body that deals with the rules of trade between nations.

NAFTA

The North American Free Trade Agreement, a treaty between the United States, Mexico, and Canada that eliminated most tariffs and trade barriers between the countries.

Free Trade

The exchange of goods and services across international boundaries or territories without restrictions such as tariffs, duties, or quotas.

GATT

stands for the General Agreement on Tariffs and Trade, an international treaty created to reduce trade barriers and promote international trade through the reduction of tariffs and quotas.