The Service Revenue Account Is a Temporary Account

question 128

True/False

The Service Revenue account is a temporary account.

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Definitions:

U.S. Food for Peace Program

A government initiative aimed at combating global hunger and fostering international goodwill by providing U.S. agricultural products to countries in need.

Farm Prices

The prices received by farmers for their output, which can be influenced by factors such as supply and demand, subsidies, and market conditions.

Balance of Payments

A record of all transactions made between entities in one country and the rest of the world over a period of time, including trade, services, and financial transfers.

Foreign Aid

Financial or other assistance provided by one country to another, often in the form of grants, loans, or technical assistance.