The So-Called Elastic Clause of Article I, Section 8, of the Constitution

question 39

Multiple Choice

The so-called elastic clause of Article I, Section 8, of the Constitution provides that Congress can "make all Laws which shall be ______.

• A) necessary and proper for carrying into Execution" the foregoing enumerated powers
• B) supreme over the laws of the several States"
• C) necessary to enact the enumerated powers, the propriety of said laws shall be determined by the several States"
• D) necessary so long as they are based on the common law of England or of the Colonies"

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Definitions:

Chart of Accounts

A systematic listing of all ledger account names and numbers used by a company, organized by the assets, liabilities, equity, revenue, and expenses.

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.

Debit and Credit

Fundamental concepts in double-entry bookkeeping, where debits are entries on the left side of an account and credits are entries on the right.