International Trade Is Based on the Idea That

question 29

Multiple Choice

International trade is based on the idea that:

• A) Exports should exceed imports
• B) Imports should exceed exports
• C) Resources are more mobile internationally than are goods
• D) Resources are less mobile internationally than are goods

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Definitions:

End-of-period Spreadsheet

A tool used in accounting to compile all account balances and adjustments at the end of a period in order to prepare financial statements.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made in the previous period.

General Journal

A comprehensive journal that records all types of accounting transactions, without limitation to specific categories.

Balance Sheet Columns

The sections in a balance sheet showing assets, liabilities, and shareholders' equity at a specific point in time.