Which of the Following Is a Credit Item in the Canadian

question 157

Multiple Choice

Which of the following is a credit item in the Canadian balance of payments?  

• A) Canadian companies sell merchandise abroad. 
• B) Foreign companies sell merchandise to Canadian consumers. 
• C) Canadians send money to foreign companies. 
• D) Immigrants to Canada send presents of money to their families in their country of origin.

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Definitions:

Petty Cash

A small amount of cash on hand used for covering minor expenses in a business, such as office supplies or postage.

Accounts Receivable

Outstanding payments that clients are obligated to pay a company for received goods or services.

Various Accounts

Different types of accounts managed within accounting, including assets, liabilities, equity, expenses, and revenue accounts.

Petty Cash Fund

A petty cash fund is a small amount of cash on hand used for paying expenses too small to merit writing a check.