Table 18a 18.a -Refer to Table 18

question 108

Multiple Choice

Table 18.a
$$\begin{array}{l}\text { Table 18.a }\\\begin{array} { | l | c | } \hline \text { Current Account } & ( \$ ) \\\hline \text { Merchandise exports } & 500 \\\hline \text { Merchandise imports } & 200 \\\hline \text { Merchandise trade balance } & \\\hline \text { Service exports } & 400 \\\hline \text { Service imports } & 600 \\\hline \text { Goods and services balance } & \\\hline \text { Net investment income from abroad } & 50 \\\hline \text { Net unilateral transfers } & - 90 \\\hline \text { Current account balance } & \\\hline\end{array}\end{array}$$
-Refer to Table 18.1, which shows a balance-of-payments account. What is the goods and services balance?

• A) $300
• B) $100
• C) ?-$300
• D) ?$100
• E) $60

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Definitions:

Process Cost System

An accounting method used to track the costs associated with processes that produce homogeneous products.

Process Cost System

An accounting methodology used to accumulate and assign costs to products or services that are indistinguishable from each other, typically used in manufacturing.

Work In Process Account

An account used to compile all costs (materials, labor, and overhead) related to partially completed goods.

Equivalent Units

A concept in cost accounting used to calculate the quantity of production by converting partially completed units into a number of fully completed units.