Nearly All of the Major Concepts in Became Part of the American

question 54

Multiple Choice

Nearly all of the major concepts in became part of the American system of government.

• A) the Magna Carta (1215)
• B) the English Bill of Rights (1689)
• C) John Locke's Two Treatises of Government (1689)
• D) Chairman Mao Tse Tung's Little Red Book (1966)
• E) Thomas Hobbes' Leviathan (1651)

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Definitions:

Accrual Basis

The Accrual Basis of accounting records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.

Rent Expense

The cost incurred from leasing a space, property, or equipment for business operations or personal use over a specified time period.

Prepaid Rent

A payment made for rent before it is due, recorded as an asset on the balance sheet and expensed over the period of use.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.