What Did the Non-Intercourse Act of 1809 Do

question 33

Multiple Choice

What did the Non-Intercourse Act of 1809 do?

• A) It prohibited trade across state lines in order to control commerce.
• B) It allowed Americans to trade only with the Spanish.
• C) It cut off all communication between the United States and European nations.
• D) It prohibited trade with England and France and their colonies.

---

Definitions:

Net Income

The net profit of a company calculated after expenses and tax deductions from its total revenue.

Net Loss

The amount by which total expenses exceed total revenues in a company, indicating a financial loss.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate revenue and expenses to the period in which they actually occurred.

Income Summary

An account used in the closing process that summarizes the revenues and expenses for a specific accounting period before transferring the net income to retained earnings.