In Addition to Providing Many Charitable Services, One of the Most

question 24

Multiple Choice

In addition to providing many charitable services, one of the most important effects of monasticism was

• A)the preservation of literacy and learning, particularly with regard to ancient Latin texts.
• B)the new hierarchy it imposed on the church.
• C)the aggressive missionary efforts of Benedictine monks.
• D)the creation of a religious warrior class.
• E)preserving the work of the ancient Greeks.

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Definitions:

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial health.

LIFO Assumption

An inventory valuation method in which the last items purchased or produced are the first to be expensed (Last In, First Out).

Perpetual Inventory

A method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Retail Inventory Method

An accounting method used to estimate the ending inventory balance of a retail store by applying a cost-to-retail price ratio to the sales for the period.