Which Type of Tariff Is Not Used by the American

question 48

Multiple Choice

Which type of tariff is not used by the American government?

• A) Import tariff
• B) Export tariff
• C) Specific tariff
• D) Ad valorem tariff

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Definitions:

Adjusting Entries

Journal entries made in accounting records to correct or update financial transactions, often at the end of an accounting period.

Prepaid

Expenses paid in advance for goods or services, which are then recognized over time as the benefits are received.

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded in the financial statements, representing liabilities.

Accrued Revenues

Accrued revenues are earnings recorded in the financial statements for goods delivered or services provided, although no cash has been received yet.