The Largest Single Component of the United States Current Account

question 33

Multiple Choice

The largest single component of the United States current account is:

• A) current transfers.
• B) income payments and receipts.
• C) goods (merchandise) imports and exports.
• D) services imports and exports.

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Definitions:

Journalize

Recording financial transactions in the appropriate book of accounts, ensuring they are officially documented.

Replenishment

The process of filling up or restocking inventory or supplies to maintain required levels.

Petty Cash Fund

A small amount of cash kept on hand for minor, impromptu expenses.

Journal Entry

A record in accounting that represents a transaction and its effects on accounts, usually including a debit and credit.