An Unanticipated Result of the Stamp Act Imposed Upon the Colonies

question 42

Multiple Choice

An unanticipated result of the Stamp Act imposed upon the colonies was

• A)it affected only the rich
• B)it affected only the poor
• C)it affected Northerners, but not southerners
• D)it united people rich and poor; north and south; and rural and urban against tax

---

Definitions:

Accounting Standards

Guidelines and rules established by accounting organizations for preparing and reporting financial statements.

International Financial Reporting Standards

A set of accounting standards and guidelines developed and maintained by the International Accounting Standards Board (IASB) that is used internationally to ensure financial statements are transparent, comparable, and consistent.

U.S. GAAP

United States Generally Accepted Accounting Principles, a set of rules and standards for financial accounting and reporting in the U.S.

Asset Test

A measure used to determine the liquidity of a company by comparing its liquid assets to its current liabilities.