Which of the Following Is NOT True

question 27

Multiple Choice

Which of the following is NOT true?

• A) There is a network of farmers, politicians, and bureaucrats that has effectively blocked efforts to reform Japan's food supply system.
• B) Until the early 1990s, Japan maintained a nearly total ban on foreign rice.
• C) Japan is self-sufficient in food production even though its supply system is generally outdated and top heavy.
• D) Japanese agricultural policies have not focused on crop diversification.
• E) Japan's self-sufficiency in food supply plummeted to about 40% in 2007.

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Definitions:

Normal Balance

The side (debit or credit) of an account on which increases to the account are recorded under double-entry accounting.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity.

Permanent/Temporary

distinguishes between accounts or actions that exist indefinitely (permanent) or for a specific duration (temporary).

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts, preparing the books for the next period.