The Architects of the Carolina Colony

question 21

Multiple Choice

The architects of the Carolina colony

• A) designed the most democratic of all the colonial governments.
• B) intended to create a hereditary aristocracy of wealthy manor lords.
• C) commissioned the capture of Indians for sale as slaves in New England and the West Indies.
• D) wished to pursue radical social experiments begun during the English civil war.

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Definitions:

AASB 120

An Australian accounting standard regarding accounting for government grants and disclosure of government assistance.

IAS 20

A regulation named "Accounting for Government Grants and Disclosure of Government Assistance" under International Accounting Standards.

Government Grant

Financial assistance provided by the government to entities, usually in the form of cash or tax breaks, with specific conditions for use.

Performance Obligation

A commitment in a contract to transfer a distinct good or service to a customer, which is a fundamental concept in revenue recognition.