Which of the Following Statements About the U

question 7

Multiple Choice

Which of the following statements about the U.N. Convention on the Law of the Sea (UNCLOS) is FALSE?

• A)The formation of UNCLOS was triggered as a result of industrialized countries' interest in removing manganese nodules from the ocean floor in the 1960s.
• B)Although the US has not ratified UNCLOS, but voluntarily observes its provisions.
• C)UNCLOS is considered a "constitution for the ocean," and its focus is the protection of ocean resources.
• D)UNCLOS was the first international treaty to regulate marine fishing by protecting "essential fish habitat" for more than 600 fish species, reducing overfishing, and minimizing bycatch.

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Definitions:

Single-step Statement

A simple form of income statement that calculates net income by subtracting total expenses from total income in one step.

Multiple-step Statement

An income statement that separately reports operating and non-operating activities, making it easier to understand the financial results.

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, revealing net profit or loss.

Selling Expense

Costs incurred directly related to the sale of a product or service, including advertising, shipping, and sales staff salaries.