Imports Must Always Equal Exports

question 147

True/False

Imports must always equal exports.

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Definitions:

Encumbrance System

A financial accounting system used primarily by governments that tracks commitments made against funds before they are actually spent, ensuring that appropriations are not exceeded.

Expenditure Basis

An accounting method where expenses are recognized and recorded at the point when the obligation is incurred.

Purchase Orders

Purchase orders are official documents issued by a buyer committing to pay the seller for the supply of specific goods or services at agreed upon prices and terms.

Deferred Contribution Revenue

Revenue recognition principle wherein contributions or gifts received by an entity are deferred and recognized as income over time or when specific conditions are met.