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Victor Grimm is confused about how accounting information flows through the accounting system. He believes the flow of data is as follows.
(a) Debits and credits posted to the ledger.
(b) Business transaction occurs.
(c) Information entered in the journal.
(d) Financial statements are prepared.
(e) Trial balance is prepared.
Is Victor correct? If not, indicate to Victor the proper flow of the information.
In may 2009, Secretary of State Hillary Clinton gave a major speech covering all
the issues in U.S.–India relations. On economic and trade relations she noted
that India maintains significant barriers to U.S. trade. The United States also maintains barriers against Indian imports such as textiles. mrs. Clinton,
President Obama, and Anand Sharma, the Indian minister of Commerce and Industry, say they want to dismantle these trade barriers.
Explain who in the United States would gain and who might lose from dis- mantling trade barriers between the United States and India.