In 2016 the United States Posted a Current Account Deficit

question 42

Multiple Choice

In 2016 the United States posted a current account deficit. The bulk of the negative value came from:

• A) a net transfer deficit.
• B) an income balance deficit.
• C) a goods trade deficit.
• D) an income trade deficit.

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Definitions:

Petty Cash Fund

A small amount of cash kept on hand for making immediate, minor expenditures.

Journal Entries

The recordation of financial transactions in a company's accounting system, typically involving a debit and credit entry.

Discrepancy

An inconsistency or difference that arises in the course of comparing two sets of figures or facts, often leading to questions that require resolution.

Cash Short And Over

An account that records discrepancies between actual cash received and the expected amount, either indicating missing funds (short) or excess funds (over).