Business Transactions That Involve Entities from Two or More Countries

question 327

Multiple Choice

Business transactions that involve entities from two or more countries are defined as:

• A) international business
• B) transcontinental business
• C) expansive business
• D) multilateral business
• E) widespread business

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Definitions:

Estimated

A calculated approximation or judgement made without complete information, often used in planning or forecasting.

Temporary Account

A temporary account is used to track transactions during an accounting period, which is then transferred to a permanent account at the period's end, such as revenue and expense accounts.

Bad Debts Expense

Represents the amount of receivables a company does not expect to collect and is recorded as an expense.

Merchandise Inventory

The goods a company holds for the purpose of sale to customers in the normal course of business.