If SA Has R25 Billion in Imports, R15 Billion in Exports

question 41

Multiple Choice

If SA has R25 billion in imports, R15 billion in exports, and sells R20 billion of assets to foreigners, how many foreign assets do domestic residents purchase?

• A)R5 billion.
• B)R10 billion.
• C)R30 billion.
• D)None of the above are correct.

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Definitions:

Credits

Entries in accounting that increase liabilities, revenue, or equity accounts, or decrease asset or expense accounts, reflecting a gain in financial statements.

Chart of Accounts

An organized list of all accounts in a business entity's financial records, each with a unique identifier.

Journal Entry

A record in accounting that represents a transaction in the general ledger, where each transaction is recorded with both a debit and a credit.

Posting References

The notations used in accounting to link journal entries to the corresponding ledger accounts, facilitating tracking and auditing.