The Most Important Contribution of the Seagoing Privateers During the Revolutionary

question 20

Multiple Choice

The most important contribution of the seagoing privateers during the Revolutionary War was that they

• A) gained control of the sea for the colonists.
• B) successfully invaded the British West Indies.
• C) captured hundreds of British merchant ships.
• D) fought the British navy to a standstill.
• E) made reliance on the French unnecessary.

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Periodic Inventory System

A method of inventory valuation in which physical inventory is counted at specific intervals and cost of goods sold is calculated periodically.

Specific Invoice Method

An accounting approach to valuing inventory that tracks the cost of each specific item in inventory and is sold.

Ending Inventory

Ending inventory is the value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus the cost of goods sold.