U.S. Imports

question 249

Multiple Choice

U.S. imports

• A) increase the foreign demand for foreign currencies.
• B) increase the domestic demand for foreign currencies.
• C) decrease the foreign supply of foreign currencies.
• D) increase the domestic supply of foreign currencies.

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Definitions:

Cash Refund

An amount paid by the seller to the buyer for merchandise that is defective, is damaged during shipment, or does not meet the buyer’s expectations.

Cash Payments Journal

The special journal in which all cash payments are recorded.

Account Receivable

Money owed to a company by its debtors for goods or services that have been delivered or sold but not yet paid for.

Subsidiary Ledgers

Detailed ledgers that provide a breakdown of individual accounts that are summarized in the general ledger.