A General Agreement on Tariffs and Trade (GATT) Accord in 1993

question 74

Multiple Choice

A General Agreement on Tariffs and Trade (GATT) accord in 1993 called for:

• A) increased trade restrictions outside of North America.
• B) lower trade restrictions around the world.
• C) uniform environmental standards around the world.
• D) uniform worker health laws.

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Definitions:

Permanent/Temporary

Classification of accounts where permanent accounts represent balance sheet items carried over multiple periods, and temporary accounts are income statement items closed at the end of each period.

Normal Balance

The side of an account (debit or credit) on which increases to the account are recorded, determined by the account type.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity over a period of time.

Permanent/Temporary

Categories of accounts in accounting where permanent accounts appear on the balance sheet and temporary accounts are closed at year's end, affecting income summary.