After Gaining Independence, India Established a

question 59

Multiple Choice

After gaining independence, India established a

• A) short-lived presidential system, modeled after the United States.
• B) short-lived communist party system, modeled after the Soviet Union.
• C) one-party authoritarian system.
• D) parliamentary government, modeled after Britain, which has remained in use virtually ever since.
• E) short-lived theocracy based on Hinduism.

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Definitions:

Net Income

The net income of a company, which is derived by deducting all costs, taxes, and losses from the overall revenue.

Net Loss

The result of a company’s expenses exceeding its revenues during a specific period, indicating a negative financial performance.

Debit Columns

Sections in accounting journals or ledgers where debits are recorded, used for increasing asset and expense accounts and decreasing liability, equity, and revenue accounts.

Adjusting Journal Entries

Entries made in the accounting records to correct any discrepancies or to make non-cash adjustments.