Key Aspects of Globalization Include the Elimination of Barriers to Trade

question 55

True/False

Key aspects of globalization include the elimination of barriers to trade and information technology.

---

Definitions:

Deferred Revenue

Money received by a company for goods or services which have not yet been delivered or performed, recorded on the balance sheet as a liability until the service is completed or goods are delivered.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting the decrease in value due to wear, tear, or obsolescence.

Long-Lived Asset

Assets with a useful life of more than one year, used in the operations of a business, such as property, plant, and equipment.

Accounting Periods

Periods of time covered by financial statements, usually consisting of 12 months.