The Grand Tour, Which Was Taken by an Elite Group

question 20

Multiple Choice

The Grand Tour, which was taken by an elite group of young men to travel with the ambassadors of the day to prepare them for important positions in government, originally started in:

• A) the era of industrial revolution.
• B) the 16th century.
• C) the 14th century.
• D) the 18th century.

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Definitions:

Adjusted Trial Balance

An adjusted trial balance is a list of all the accounts of a company, showing the balances after adjusting entries have been made for accruals, deferrals, and other adjustments.

Closing Entries

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

Retained Earnings

The portion of net earnings not paid out as dividends but retained by the company to be reinvested in its core business or to pay debt.

Balance Sheet

A statement that showcases a firm's assets, liabilities, and equity of shareholders at a specific time, useful for determining return rates and examining the organization's financial framework.