What Were Important Sources of Patronage in Seventeenth Century Holland

question 20

Multiple Choice

What were important sources of patronage in seventeenth century Holland?

• A) royalty
• B) church
• C) nobility and aristocrats
• D) middle class

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Definitions:

Income Summary

A temporary account used in closing revenue and expense accounts.

Closing Entry

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Financial Statements

Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.

Proprietorship

A business owned by a single individual who is responsible for its assets and liabilities.