Which of the Following Is NOT a Country with a High-Income

question 34

Multiple Choice

Which of the following is NOT a country with a high-income economy?

• A)Japan
• B)the United States
• C)Iraq
• D)Estonia

---

Definitions:

Recording Purchases

The process of documenting the acquisition of goods or services in the financial records of an entity, impacting its inventory or expense accounts.

Periodic Inventory System

An accounting method that updates inventory levels and cost of goods sold at the end of an accounting period, not continuously.

Merchandise Inventory

The goods or products that a retailer or wholesaler intends to sell to customers for a profit.

Purchase Discounts

Reductions in the cost price of goods or services that are offered to purchasers when they pay within a specified period or meet certain conditions, aimed at encouraging prompt payment.