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Alexxandr [17]
3 years ago
11

Which of the following is an outcome of the General Agreement on Tariffs and Trades​ (GATT) and created global rules of trade be

tween​ nations? A. Economic communities B. World Trade Organization C. Forex exchange D. World Bank E. International Monetary Fund
Business
1 answer:
sukhopar [10]3 years ago
8 0

Answer:

World Trade Organization

Explanation:

World Trade Organization is an outcome of the General Agreement on Tariffs and Trades​ (GATT) and created global rules of trade between​ nations.

It was a multilateral treaty  that was signed on the 30th of October 1947  in Geneva, Geneva Canton, Switzerland  as a legal agreement among nations, with the aim of promoting international trade by eradication or reduction of  trade barriers like tariffs or quotas.

Furthermore, the purpose was extended to include "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."  which can be described in substance as trading with each other on the basis of comparative advantage.

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Answer:

Situations during 2011 at an Audit Client

A. Appropriate Reporting Treatments:

1. Write-off of inventory due to obsolescence.

a. As an extraordinary item.

2. Discovery that depreciation expenses were omitted by accident from 2010's income statement.

c. As a prior period adjustment.

3. The useful lives of all machinery were changed from eight to five years.

f. As a change in accounting estimate.

4. The depreciation method used for all equipment was changed from the declining-balance to the straight-line method.

g. As a change in accounting estimate achieved by a change in accounting principle.

5. Ten million dollars face value of bonds payable were repurchased (paid off) prior to maturity resulting in a material loss of $500,000. The company considers the event unusual and infrequent.

b. As an unusual or infrequent gain or loss.

6. Restructuring costs were incurred.

b. As an unusual or infrequent gain or loss.

7. The Stridewell Company, a manufacturer of shoes, sold all of its retail outlets. It will continue to manufacture and sell its shoes to other retailers. A loss was incurred in the disposition of the retail stores. The retail stores are considered components of the entity.

e. As a discontinued operation.

8. The inventory costing method was changed from FIFO to average cost.

d. As a change in accounting principle.

B. Inclusion in the Income Statement:

1. CO

2. RE

3. CO

4. RE

5. BC

6. BC

7. BC

8. CO

Explanation:

1. Investopedia.com defined "Unusual or infrequent items" as "gains or losses from a lawsuit; losses or slowdown of operations due to natural disasters; restructuring costs; gains or losses from the sale of assets; costs associated with acquiring another business; losses from the early retirement of debt; and plant shutdown costs."

2. Extraordinary gains or losses are economic events which originate from continuing infrequent and unusual operations.  These gains and losses stem from the normal business activities of the company, but, they do not happen regularly, and are abnormal in nature.

3. A prior period adjustment is the correction of a past accounting error that occurred in the past financial statements.

4. According to investopedia.com, "A change in accounting principle is a change in how financial information is calculated, while a change in accounting estimate is a change in the actual financial information.  Changes in accounting principles are done retroactively, where financial statements have to be re-stated.  But, changes in estimates are not applied retroactively.

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3 years ago
What are entrepreneurs?
mezya [45]

Answer:

Entrepreneurs are people who organize/operate their own buisness or buisnesses.

Explanation:

hope this helps lad :)

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3 years ago
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Brock recently graduated from college and began his job as a media analyst earning $50,000 per year. He wants to start saving fo
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Answer: discretionary

Explanation:

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2 years ago
What is the key idea in the aggregate expenditure macroeconomic​ model? The key idea in the aggregate expenditure model is that
guajiro [1.7K]

Answer:

A) in any particular​ year, the level of GDP is determined mainly by the level of aggregate expenditure.

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The main difference between the GDP ans AE is that AE measures the planned consumption, the planned investment, the planned government expenses and the planned net exports.

he equation is: AE = C + I + G + NX. The aggregate expenditure determines the total amount that firms and households plan to spend on goods and services at each level of income.

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Answer:

A. True

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If investors anticipate the price of gold to rise in the near future, demand for gold will increase. Gold will be bought as an investment asset for speculative purposes. Traders will buy gold and the current prices and wait to sell when the prices rise. Investors take advantage of price movement to make profits.

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