Which of the Following Accounts Would Be Found on the Income

question 128

Multiple Choice

Which of the following accounts would be found on the income statement?

• A) Inventory
• B) Wages Payable
• C) Freight-In
• D) Cash

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Definitions:

Unskilled Workers

Workers who possess no specific skills or qualifications, and are therefore suited for jobs that require only basic tasks and minimal training.

Import Quota

A legal limit on the quantity of a good that can be imported.

Nontariff Barrier

Any form of restrictive regulation or procedure other than tariffs that countries use to control the amount of trade across their borders, including quotas, embargoes, sanctions, and levies.

Export Quota

A government-imposed limit on the quantity of a specific good that can be exported over a given period, used to control trade balances.