A Numerical Limit Imposed by a Government on the Quantity

question 56

Multiple Choice

A numerical limit imposed by a government on the quantity of a good that can be imported into the country is called a

• A)tariff.
• B)quota.
• C)quantity floor.
• D)barricade.

---

Definitions:

Accumulated Depreciation

The cumulative amount of depreciation expense recorded for an asset from the time it was purchased and deployed for use.

Depreciation Expense

An accounting method for allocating the cost of a tangible asset over its useful life, representing the asset's consumption.

Accrual Accounting

An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when the cash transaction occurs.

Expenses Recorded

The process of documenting all the money spent during the operation of a business, used to track financial performance and for tax purposes.