Examlex
Which of the following examples cited in the text was the most successful case of infant industry protection?
Natural Business Year
The fiscal year that ends when a business's activities have reached the lowest point in its annual operating cycle, theoretically the most optimal time for financial reporting.
Adjusting Entry
A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate years.
Contra Account
An account used in accounting to offset or reduce the balance of a related principal account.
Prepaid Expenses
Costs paid in advance for goods or services to be received in the future, which are recorded as assets until they are consumed.
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