In 2012, Which of the Following Countries Had the Lowest

question 29

Multiple Choice

In 2012, which of the following countries had the lowest debt relative to GDP for major economies?  

• A) Canada 
• B) Australia 
• C) the United Kingdom 
• D) Germany

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Definitions:

Carrying Amount

The net value of an asset as recorded in the books, which is equal to the asset's original cost minus any accumulated depreciation, amortization, or impairment charges.

Write Off

The reduction of the recognized value of something, often an uncollectable debt or asset.

Accounts Receivable

Amounts due to a company from its customers for goods supplied or services rendered but not yet paid for.

Allowance Method

A method of accounting for bad debts that involves estimating uncollectible accounts at the end of each period.