In 2003, the WTO Ruled That U

question 222

Multiple Choice

In 2003, the WTO ruled that U.S. tariffs on ________ were unfair and allowed retaliatory tariffs on U.S. products.

• A) steel imported from the EU
• B) beef imported from Argentina
• C) automobiles imported from Japan
• D) diamonds imported from South Africa

---

Definitions:

Owner's Drawings

Funds taken out of a business by the owner in a sole proprietorship or partnership for individual purposes.

Capital Account

An account showing the net worth of a business at a specific point in time, comprised of the owner's equity, investments, and retained earnings.

Correcting Entry

A journal entry made to amend a previously recorded incorrect transaction in the financial records.

Accounts Receivable

Refers to the money owed to a company by its customers for goods or services sold on credit.