In the Final Two Decades of the Twentieth Century, Average

question 82

Multiple Choice

In the final two decades of the twentieth century, average per capita global income

• A) increased by approximately 35 percent.
• B) remained relatively unchanged.
• C) decreased by approximately 6 percent.
• D) increased by more than 75 percent.

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Definitions:

Disposal

The act of getting rid of an asset through sale, exchange, retirement, or destruction.

Accounting Equation

The fundamental principle of double-entry bookkeeping: Assets = Liabilities + Equity, depicting the relationship between a company's resources and claims on those resources.

Historical Cost Principle

An accounting principle that states assets should be recorded and reported at their original purchase cost.

Cash-Equivalent Value

The value of an asset that is easily convertible into a known amount of cash with minimal risk of change in value.