According to Economists,developing Countries Can Close the Gap with Developed

question 46

Multiple Choice

According to economists,developing countries can close the gap with developed countries as:

• A)they have a high fertility rate.
• B)they can easily develop new technology.
• C)they can easily adopt the existing technology.
• D)they have high levels of literacy and education.
• E)they focus more on the agricultural sector.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts to prepare the books for the next period.

Adjusting Entries

Journal entries made in accounting to update the records for expenses and revenues that have accrued but not yet been recorded.

Unadjusted Trial Balance

A listing of all the accounts and their balances from the ledger, before any adjusting entries are made for preparing financial statements.

End-of-period Spreadsheets

Summarizing documents prepared at the end of an accounting period that compile balances from ledgers for financial reporting.