Governments Can Make Policies That Can Help or Hinder Globalization

question 48

Multiple Choice

Governments can make policies that can help or hinder globalization. Examples of decisions that have resulted in a hindrance to globalization include all but which of the following?

• A) Spanish railways were purposefully made incompatible with France's railways.
• B) The European Union mobilized around one cell-phone standard and the U.S. another standard.
• C) Trade restrictions between China and the U.S. that were not lifted until the 1970s.
• D) Non-stop flights were implemented between the world's capital cities.

Understand the classification and recording of business transactions and their impact on owner's equity.

Comprehend the methods used to correct errors in accounting records.

Recognize the order of the flow of accounting data from journalizing to financial statement preparation.

Understand the distinction between monotheistic and polytheistic religions.

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Definitions:

Cost of Goods Sold

The immediate expenses linked to creating products sold by a business, covering both materials and workforce costs.

Net Method

An accounting method where discounts for prompt payment are assumed in the recorded costs; if the discount is not taken, the expense is recorded later.

Cash Discount

A deduction from the invoice price that a seller allows to a buyer in return for paying the bill early.

Invoice

A document sent to a buyer that specifies the quantities and costs of the products or services provided by the seller.