The Taking of a Physical Inventory Is an Example of Periodic

question 35

True/False

The taking of a physical inventory is an example of periodic independent verification.

---

Definitions:

Equilibrium Price

is the price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Exports and Imports

The totality of goods and services sent out to other countries (exports) and brought into a country (imports) from abroad.

NAFTA

The North American Free Trade Agreement, a treaty between Canada, Mexico, and the United States to reduce trade barriers and promote economic cooperation.

Free-Trade Area

A region where member countries agree to eliminate tariffs and other barriers to trade in goods and services amongst themselves.