Which of the Following Is FALSE

question 71

Multiple Choice

Which of the following is FALSE?

• A)In 2002, the United States imported more goods and services from foreign suppliers than it exported to foreign purchasers.
• B)Services are almost one-third of total exports and are a growing part of U.S. and world trade.
• C)The U.S. trade balance in services is in deficit.
• D)With the exception of the Gulf War period in 1991, the U.S. current account has been in deficit since the 1980s.

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Definitions:

First-In, First-Out Method

An inventory valuation method where the earliest items purchased or produced are the first to be sold, affecting the cost of goods sold and inventory valuation.

Costs Accounted For

Total costs that have been recognized and recorded within a specific accounting period.

Ending Work in Process Inventory

The value of partially completed goods at the end of an accounting period.

Weighted-Average Methods

An inventory costing method that assigns an average cost to each unit, based on the weighted average of the costs of the goods available for sale.