All of the Following Are Legacies of Richard Nixon's Presidency

question 36

Multiple Choice

All of the following are legacies of Richard Nixon's presidency except

• A) the Environmental Protection Agency.
• B) Supplemental Security Income for the blind, disabled, and indigent aged.
• C) the Endangered Species Act.
• D) the Occupational Safety and Health Administration.
• E) the food stamp program.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period, transferring the net amount to retained earnings.

Sales Returns

Transactions where customers return defective, unsatisfactory or unwanted products back to the seller, resulting in a reversal of revenue.

Accounts Receivable

Financial obligations of customers towards a business for delivered but unpaid goods or services.