In the Box "World Population Is Popping," the Textbook Describes

question 211

Multiple Choice

In the box "World Population is Popping," the textbook describes how the world's population is growing at an incredible rate and discusses the challenges that will face different countries. Which of the following statements best illustrates the challenges that can arise?

• A) Europe's population is expected to grow by 12% in 2050. With so many children, there will not be enough schools or teachers to provide an adequate education.
• B) North American growth will slow down and there will be fewer businesspeople to provide the services we have become accustomed to.
• C) China and India will remain the two most populated countries and will not need to make any changes.
• D) Nigeria will experience the world's fastest growth and though its continent has the world's fastest growing middle class, combating hunger and poverty, providing healthcare, and expanding education will pose a challenge.

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Definitions:

Inventory Returns Estimated

An accounting estimate of the goods that will be returned by customers and subtracted from sales revenue.

Period-End Adjusting Entry

Journal entries made at the end of an accounting period to update the balances of certain accounts and ensure compliance with the accrual basis of accounting.

Revenue Recognition Rules

Accounting principles that determine when and how revenue is recognized in the financial statements.

Gross Method

An accounting practice where purchase discounts are ignored unless they are actually taken by the purchaser.