All of the Following Countries Come Close to the Free

question 160

Multiple Choice

All of the following countries come close to the free market benchmark except

• A)Canada.
• B)North Korea.
• C)Germany.
• D)Singapore.

---

Definitions:

General Journal

A basic accounting record where all types of transactions are initially recorded before being posted to specific accounts in the general ledger.

General Ledger

A complete record of all financial transactions over the life of a company.

Debit Balances

Accounts on the left-hand side of a double-entry bookkeeping system that typically signify assets or expenses.

Permanent Account

An account that carries its ending balance over from one accounting period to the next, such as assets, liabilities, and equity accounts.