The Oneida Community

question 54

Multiple Choice

The Oneida community

• A) allowed each member an equal vote in governing the community.
• B) permitted all of its members to own private property.
• C) banished any member who divulged any information about the community's sexual practices.
• D) invented the concept of birth control in America.
• E) controlled which of its members would be allowed to reproduce.

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Definitions:

Adjusting Entry

An accounting entry made in the general ledger at the end of an accounting period to update accounts so they reflect the accrual basis of accounting.

Services Performed

The execution of tasks or provision of work done for clients or customers as part of business operations.

Supplies Expense

Costs recorded as an expense when supplies are used up in the normal course of doing business, not when they are purchased.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the capital belonging to the owners.