Indicate Whether Each of the Following Statements Regarding the Four

question 75

Short Answer

Indicate whether each of the following statements regarding the four types of accounting events is true or false.
_____ a) Asset use transactions involve an increase in one asset and a decrease in another asset.
_____ b) An asset source transaction involves an increase in assets and an increase in a corresponding claims account.
_____ c) An asset exchange transaction involves an increase in an asset and a decrease in a claims account.
_____ d) Asset exchange transactions involve an increase in one asset and a decrease in another asset.
_____ e) Some claims exchange transactions involve an increase in a liability account and a decrease in an equity account.

Understand the concept of terms of trade and its importance in international exchanges.

Recognize the impact of human and physical capital in determining a country's comparative advantage in certain industries.

Understand why countries might import and export the same type of goods because of the simple comparative advantage theory.

Understand key theories of emotion and their implications on emotional experience and expression.