When Is an Import Ban the Same as an Import

question 37

Multiple Choice

When is an import ban the same as an import quota?

• A) when the quota is zero
• B) never
• C) when all the goods under the quota is taxed
• D) when the good under the import ban is taxed

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Definitions:

Straight-line Depreciation

A method of allocating the cost of a tangible asset evenly over its useful life.

Financial Accounting

The field of accounting focused on reporting financial information and transactions for decision makers outside the organization.

Tax Accounting

The area of accounting that deals with preparing tax returns and planning for future tax obligations.

Depletion

An accounting method used to allocate the cost of extracting natural resources over the period of their extraction.