Which of the Following Is a True Statement About the Gang

question 30

Multiple Choice

Which of the following is a true statement about the gang system?

• A)It assigned each slave a specific set of tasks that had to be completed each day.
• B)Under this system, slaves were organized into groups of five.
• C)It was most commonly used in coffee cultivation.
• D)Most masters, in keeping with their Christian beliefs, gave their slaves Sundays off.
• E)It was banned in the South.

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Definitions:

Perpetual Inventory System

A financial recording method where sales or purchases of inventory are immediately captured through the use of computerized point-of-sale systems and software for managing enterprise assets.

Gross Method

An accounting practice where purchase discounts are ignored unless taken, with full invoice amounts recorded in the accounts payable.

Invoice Price

The price of goods as listed on the invoice, typically before any discounts, taxes, or additional charges.

Adjusting Entries

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