In the Consolidation Worksheet for 2018, Which of the Following

question 69

Multiple Choice

In the consolidation worksheet for 2018, which of the following accounts would be credited to eliminate unrecognized intra-entity gross profit with regard to the 2017 intra-entity transfers?

• A) Retained earnings.
• B) Cost of goods sold.
• C) Inventory.
• D) Investment in Fisher Company.
• E) Sales.

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Definitions:

Net Exports

The value of a country's total exports minus its total imports. It is a component of a country's GDP calculation.

Imports

Imports are goods or services brought into a country from abroad for sale.

Exports

Items or services created in one country and traded to customers in another country.

Net Exports

The value of a country's total exports minus the value of its total imports, representing the net trade balance.