Continental Army Officers Attempting to Form the Society of the Cincinnati

question 96

Multiple Choice

Continental army officers attempting to form the Society of the Cincinnati

• A) were brought to trial for trying to sabotage the civil government.
• B) were ridiculed for their lordly pretensions.
• C) were trying to force the Congress to pay them their pensions.
• D) reflected the Revolutionary War generation's spirit of equality.
• E) represented the best of the officer corps.

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Definitions:

Deposit In Transit

Money that has been received and recorded by a business but has not yet been recorded by its bank.

Outstanding Checks

Checks that have been written and recorded in the issuing entity's books but have not yet been cashed or cleared by the bank.

Note Receivable

A written promise for amounts to be received, typically outlining the terms including payment amounts, interest rate, and due date.

Bank Reconciliation

A process that explains the difference between the bank balance shown in an organization's bank statement, as provided by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.