As Discussed in the Case in Point on Arab Spring

question 18

Multiple Choice

As discussed in the Case in Point on Arab spring and oil markets, after the official start of the recession in the U.S.in 2007, oil prices:

• A) began to fall because of decreased demand in China and India.
• B) began to fall because of decreased demand in the U.S.and Europe.
• C) began to rise because of increased demand in China and India.
• D) began to rise because of increased demand in the U.S.and Europe.

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Definitions:

Bank Statement

A document provided by a bank, detailing the transactions in a customer's account over a specified period.

Cash Balance

The amount of cash a company has available at any point in time, as reflected in its financial statements.

Timing Differences

Discrepancies between the timing of cash flows and the recognition of revenues and expenses in accounting records.

Recording Error

Mistakes made during the accounting process of recording financial transactions.