According to the Textbook, It Is Estimated That in Australia

question 39

Multiple Choice

According to the textbook, it is estimated that in Australia approximately ________ of all economic activity are in service industries.

• A)68 per cent
• B)74 per cent
• C)58 per cent
• D)70 per cent
• E)80 per cent

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Definitions:

Normal Balance

The side (debit or credit) of an account that is normally expected to have a higher balance, indicating its increase.

Financial Statement

A document detailing quantitatively the financial state of a business, covering its balance sheet, income statement, and cash flow statement.

Permanent/Temporary

Categories of accounts in accounting: permanent accounts track long-term financial status, while temporary accounts track revenues, expenses, and dividends over a specific period.

Withdrawals

Money or assets taken out of a business by its owners for personal use.