What is a trading bloc? Explain the working of NAFTA
What will be an ideal response?
Answer: Trading blocs, or common markets, are regional organizations that promote trade among member nations. NAFTA is an example of a trading bloc. In 1994, the United States, Canada, and Mexico formed the North American Free Trade Agreement (NAFTA), paving the way for the free flow of goods, services, and capital within the bloc through the phased elimination of tariffs and quotas. NAFTA primarily affects trade between the United States and Mexico and between the United States and Canada; trade between Mexico and Canada is small in comparison.
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The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n)
A) prior period statement B) statement of owner's equity C) income statement D) balance sheet
________ is the code that was drafted by the National Conference of Commissioners
Fill in the blanks with correct word
Which of the following is the best explanation for why it is necessary to calculate equivalent units of production in a process costing environment?
A. Companies often use a combination of a process costing and job order costing systems. B. In most process costing systems, direct materials are added at the beginning of the process while conversion costs are added evenly throughout the manufacturing process. C. All of the work to make a unit 100% complete and ready to move to the next stage of production or to finished goods inventory may not have been completed in a single time period. D. In most manufacturing environments, it is not possible to conduct a physical count of units. E. In most cases, there is no difference between physical units and equivalent units of production.
Having decided that it makes sense for you to become an entrepreneur and start up your own small business, the next major decision confronting you is the form of business ownership. Briefly describe the four major types of business ownership forms.
What will be an ideal response?