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Directions: Read each question carefully and write your responses using complete sentences; an outline or bulleted list alone is not acceptable.
-Answer parts a,b,and c.
a)Briefly explain why ONE of the following events best represents a turning point in the modern world:
-The election of Ronald Reagan in 1980
-The end of the Cold War
-The terrorist attacks on September 11,2001
b)Provide ONE piece of evidence from the period to support your explanation.
c)Briefly explain why ONE of the other options is not as persuasive as the one you chose.
M. Sims Capital
An account representing the owner’s equity or the funds contributed by and belonging to the owner of a company.
Income Summary
An account used in the closing process that aggregates all income and expense accounts to determine the net profit or loss.
Net Income
The total profit of a business after all expenses and taxes have been deducted from total revenue.
Owner's Capital
The amount of equity a business owner has invested in the business minus any withdrawals made from the business by the owner.
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