Both the Democratic Party and the Whig Party

question 6

Multiple Choice

Both the Democratic party and the Whig party

• A) favored a renewed national bank.
• B) supported federal restraint in social and economic affairs.
• C) were mass-based political parties.
• D) clung to states' rights policies.
• E) feared the rise of the Anti-Masonic party.

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Definitions:

Depreciation

The accounting process of allocating the cost of tangible assets over their useful lives, reflecting wear and tear or obsolescence.

Inventory

A company's merchandise, raw materials, and finished and unfinished products which have not yet been sold.

Matching Principle

An accounting concept that dictates that expenses should be recorded in the same period as the revenues they help to generate.

Expected Economic Life

The anticipated period over which an asset is useful to the owning entity in generating revenue.