As a Result of Its Poor Soil, All of the Following

question 50

Multiple Choice

As a result of its poor soil, all of the following conditions prevailed in New England except that

• A) hard work was required to make a living.
• B) the area was less ethnically mixed than its southern neighbors.
• C) frugality became essential to economic survival.
• D) reliance on a single, staple crop became a necessity.
• E) fishing and shipping became crucial industries.

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Definitions:

Transactions

Financial events that affect the financial position of a company, measurable in terms of changes in assets, liabilities, and equity.

Statement Of Owner's Equity

A financial statement that shows the changes in the ownership interest of a company over a period of time.

Balance Sheet

A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Income Statement

A financial statement that reports a company's revenues and expenses over a specific period, resulting in a net profit or loss.