Which of the Following Was NOT a Way That the Market

question 46

Multiple Choice

Which of the following was NOT a way that the market revolution changed western farming?

• A) As the West became more settled, western farmers found that they could cater to the market and grow crops they could sell.
• B) John Deere's steel plow made it easier to till larger quantities of soil.
• C) Cyrus McCormick's reaper made it quicker and easier for them to harvest wheat.
• D) Eastern banks and insurance companies financed the acquisitions of supplies needed to expand farmland.
• E) Farmers in the Old Northwest used slave labor to expand their production.

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Definitions:

Balance Sheet Accounts

These are the financial accounts that appear on the balance sheet, including assets, liabilities, and equity accounts, representing the financial position of a company at a specific point in time.

Permanent Accounts

Financial accounts whose balances are carried over into the next accounting period, including assets, liabilities, and equity accounts.

Real Accounts

Accounts that represent assets, liabilities, and equity, which are not closed at the end of the accounting period and carry over their balances.

Permanent Accounts

Accounts in the general ledger that are not closed at the end of an accounting year and whose balances are carried forward to the next year.