Tariffs Serve All of the Following Purposes Except

question 30

Multiple Choice

Tariffs serve all of the following purposes except:

• A) Collection of revenue.
• B) Enhancement of flow of commerce.
• C) Regulation of import competition.
• D) Protection of the national defense.

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Definitions:

Transactions

The financial events that affect the assets, liabilities, and equity of an entity, involving transfers or exchanges between two parties.

Cash Flows

The net amount of cash being transferred into and out of a business.

General Journal

The primary accounting record used for recording all day-to-day financial transactions of a company.

General Ledger

The master set of accounts that summarize all transactions occurring within an entity, serving as the main source for financial reporting.