________ Is the Economic System That Emerged During the Industrial

question 47

Multiple Choice

________ is the economic system that emerged during the Industrial Revolution.

• A) Communism
• B) Humanitarianism
• C) Globalization
• D) Capitalism

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Definitions:

Pretax Income

The income earned by a company before deducting taxes, representing the company's profitability after all expenses except taxes.

Accrued Expenses

Liabilities (payables) created when expenses are incurred, but cash will be paid in the future; created at end of period during the adjustment process to reflect the amount of expense incurred that the company will pay in the future.

Depreciation Expense

Distributing the expense of a physical asset throughout its lifespan.

Accrue Interest Expense

The recording of interest expense that has been incurred but not yet paid, typically on borrowed funds.