Use This Figure for the Questions That Follow

question 114

Multiple Choice

Use this figure for the questions that follow.

-What are Colombia's FARC and ELN?

• A) acts that were established to facilitate free trade throughout Latin America
• B) insurgency groups that are financed mainly by the Latin American drug trade
• C) acronyms for newly established territories in the western Amazon
• D) Latin American television stations that are viewed by millions in the region
• E) an international finance and environmental organization, respectively, in Latin America

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Definitions:

Financial Statement

Formal records that outline the financial activities and condition of a business, including the balance sheet, income statement, and cash flow statement.

Permanent/Temporary

Refers to types of accounts in accounting, where permanent accounts show cumulative amounts that carry over to future periods, and temporary accounts are closed at the end of each period.

Normal Balance

The side (debit or credit) of an account on which increases to the account are recorded under double-entry accounting.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity.