If No Transactions Were Posted to a Particular Asset,liability,or Shareholders

question 96

Multiple Choice

If no transactions were posted to a particular asset,liability,or shareholders' equity account during a period then:

• A)the amounts from the previous balance sheet are repeated unchanged on the current balance sheet.
• B)the account is left off of the balance sheet.
• C)the account is posted as zero on the current balance sheet for that account.
• D)the words "no change" are entered in the current balance sheet.

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Definitions:

International Trade

The exchange of goods, services, and capital between countries and territories, allowing for greater variety of consumption and efficiencies in production.

Productive

Refers to the ability of an individual, company, or economy to produce goods or services efficiently and effectively.

Tariff Revenue

Income generated by the government through the imposition of taxes on imported goods.

Tariff

A tax imposed by a government on imported or exported goods to control trade flows, raise revenue, or protect domestic industries.