From the Great Depression in the 1930s Until the Tax

question 114

Multiple Choice

From the Great Depression in the 1930s until the tax reforms of the 1980s, the United States government integrated a number of what might best be called ________ institutions into the economy.

• A) socialist
• B) capitalist
• C) entrepreneurial
• D) profit-seeking

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Definitions:

Nominal Account

An accounting ledger account that starts each new accounting period with a zero balance and ends with a closed balance to transfer to a real account.

Retained Earnings

Retained Earnings represent the cumulative amount of net income earned by a company that has not been distributed to shareholders as dividends.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired and placed into service.

Debited

An accounting term describing the recording of an increase in assets or a decrease in liabilities and equity.