What Beliefs Did Loyalists and Patriots Share

question 62

Multiple Choice

What beliefs did loyalists and patriots share?

• A) They were all opposed to secession from Britain.
• B) They both opposed Parliament's claim of authority to tax the colonies.
• C) They worried about what would happen if the patriots should be victorious.
• D) They agreed that those on the losing side should forfeit their rights to any land they held.
• E) They both thought that for the greater good, it would be important to rally behind whichever side was ultimately victorious.

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Definitions:

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company’s balance sheet.

Journalizing

The process of recording business transactions in the accounting journals as part of the bookkeeping process.

Transaction

An agreement or exchange between two parties that is recorded and has an economic impact on the finances of a business.

Journal

A detailed record where all financial transactions of a business are initially recorded, before being transferred to the general ledger.