A Balance Column Account Is

question 88

Multiple Choice

A balance column account is:

• A)An account entered on the balance sheet.
• B)An account with debit and credit columns for posting entries and another column for showing the balance of the account after each entry is posted.
• C)An alternate name for the retained earnings account.
• D)An account used to record the transfers of assets from a business to its stockholders.
• E)A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction.

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Definitions:

World Trade Organization

An international organization designed to supervise and liberalize world trade, by providing a forum for negotiating trade agreements and a dispute resolution process.

Agricultural Products

Goods derived from the cultivation of land and the raising of crops and livestock.

Dumping

The practice whereby a company exports a product at a price lower than the price it normally charges in its own home market, often considered as unfair competition.

Exports

Trade goods or services exported from one country to another for commercial exchange or sale.