A Place of Entry in a Country That Does Not

question 70

Multiple Choice

A place of entry in a country that does not assess duties or tariffs on products is called:

• A) foreign trade zone
• B) countervailing duty zone
• C) duty-free port
• D) trade-enhancement zone
• E) none of the other choices

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Definitions:

Permanent Accounts

Accounts that carry their balances over into the next accounting period, including assets, liabilities, and equity accounts.

Trial Balance

A financial worksheet that consolidates all ledger balances into equal debit and credit column totals.

Prepaid Items

This term describes expenses paid in advance for goods or services to be received in the future, such as insurance or rent.

Accrued Interest

The interest that has been earned but not yet paid, accumulating on loans or bonds over a period of time.