The Early New Deal Experiments Borrowed Rather Freely and Randomly

question 45

Multiple Choice

The early New Deal experiments borrowed rather freely and randomly from

• A) Marxism, Leninism, and European socialism.
• B) the principles of early twentieth-century laissez-faire economists such as Freidrich Hayek.
• C) Mussolini's fascism and Hitler's Nazism.
• D) U.S. wartime and pre-war agencies and European social reform models.
• E) the late nineteenth-century utopian literature of Henry George, Edward Bellamy, and Charlotte Perkins Gilman.

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Definitions:

Accounting System

A structured process of collecting, recording, summarizing, and reporting financial transactions of a business or individual.

Accrual Basis of Accounting

An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.

Cash Basis

An accounting method where revenue is recorded when cash is received, and expenses are recorded when cash is paid out.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances for accruals and deferrals that are not recorded through regular transactions.