A Customs Union Represents the Most Fully Developed Form of Preferential

question 40

True/False

A Customs Union represents the most fully developed form of preferential trade agreement among nations.

---

Definitions:

Short-term Obligations

Financial liabilities that are due for payment within one year.

Normal Balance

The side of an account (debit or credit) that is expected to have a higher balance based on the accounting equation.

Asset Account

An account on a balance sheet representing tangible or intangible items of value owned by a company.

Trial Balance

A ledger balance sheet summarizing all accounts, showing equal totals for both credit and debit columns.