International Trade Summit (Scenario)

question 41

Multiple Choice

International Trade Summit (Scenario)
An international trade summit is held in Geneva, Switzerland. The purpose of the summit is to cooperatively develop policies that promote international trade. Representatives from 50 different countries attend the summit.
-One summit attendee pointed out that the total value of her country's products trade typically accounted for more than 100 percent of her nation's GDP. This attendee most likely represents ________.

• A) Japan
• B) United Kingdom
• C) France
• D) Netherlands

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Definitions:

Internal Control Structure

A set of processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Recording Transactions

The systematic process of documenting financial transactions in the accounting records of a business.

Accounting System

The methods and procedures used by a business to collect, classify, summarize, and report financial data for use by management and external users.

Voucher

A document representing an internal intent to make a payment to an external entity, detailing the specifics of the transaction.