In 2008, U

question 115

Multiple Choice

In 2008, U.S. exports as a percentage of GDP

• A)exceeded 25 percent.
• B)equated to approximately 5 percent.
• C)reached the highest levels since the early 1900s.
• D)were at an all-time low.
• E)reached the highest levels in history.

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Definitions:

Costing Method

a technique or methodology used to determine the cost associated with a production process or project.

LCM Approach

The Lower of Cost or Market method, an accounting principle requiring inventory to be recorded at either its historical cost or market value, whichever is lower, to reflect potential losses.

Market Value

An estimation of the price at which an asset or company could be bought or sold in a current market.

IFRS

International Financial Reporting Standards represent worldwide accounting norms that facilitate the creation of financial statements.